Thai IT giant makes $3 million investment in Cambodian media platform
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In a second round of fundraising, MediaLoad (Cambodia), a digital media platform, has raised more than $3 million for business expansion.
The organization, which owns the entertainment and lifestyle website KhmerLoad, stated it has received series B funding from True Digital Group, a division of True Corporation, which is owned by the Thai giant Charoen Pokphand Group.
The agreement makes True Digital Group the largest shareholder.
It is the first batch of the MediaLoad’s series B funding. In Vichet, the founder and CEO of a Cambodian startup, said in an interview on Monday that to grow regionally, they have acquired businesses in Malaysia, Laos, and India, among other countries.
“The entire Series B round is more than $3 million, and it’s ongoing,” Vichet added. In order to accomplish the company’s expansion goals, he said, the ultimate goal is to raise more than $10 million.
MediaLoad made headlines in 2019 when it received a $5 million investment from Belt Road Capital Management, the highest startup investment in Cambodian history (BRCM).
MediaLoad received $200,000 in early funding from Silicon Valley-based venture capital firm 500 Startups in 2017. With aggressive expansions in recent years, this made it the media startup in Cambodia with the fastest rate of expansion.
MediaLoad, which was established in 2012, runs the sister site MyanmarLoad as well as KhmerLoad, a website that publishes viral content for the Cambodian market. KhmerLoad offers digital advertising, PR articles, live streaming, and other services as a part of its revenue stream. It has more than 6 million social media followers.
At a tech startup pitch event in Phnom Penh in the beginning of June, Visal, who is also the chief technology officer of KhmerLoad, informed the audience and a group of French investors that Groupin, the parent company of MediaLoad, has raised more than $10 million in investment and employs more than 400 people in Malaysia, Cambodia, and Myanmar.
A private business limited by shares, MediaLoad PTE. LTD. was established on November 28, 2016, in Singapore.
Source: Kiri Post
