Content aggregator Newswav bags RM6m funding to enrich user base and content

Malaysian content aggregator, Newswav, has raised RM6 million in its latest Series A funding led by OSK Ventures International (OSKVI) to further strengthen its position and drive user penetration in key market segments.

As part of its expansion plans, part of its funds will be channel towards user acquisition, strengthening Newswav's position in the content aggregation space, and diversifying its revenue stream. Other areas where the funds will be put to use include enriching Newswav's content, driving user engagement, expanding its creators platform, as well as scaling up its in-house ad tech capabilities.

Brands that have advertised on Newswav’s platform include property developers EcoWorld, Mitraland, Gamuda Land, telecommunications company U Mobile, insurance label Berjaya Sompo, online grocery platform HappyFresh, and consumer electronic supplier LG, among others. According to the company, Newswav registered a strong revenue performance in 2021 with up to three times revenue growth compared to the year before.  A+M has reached out to Newswav for additional information.

CEO Swee Wai Hoow said that the company hopes to revolutionise the content industry and redefine the way Malaysians consume content. “Content consumption patterns and preferences have transformed significantly over the past decade, and were further accelerated as a result of the pandemic. We see changes not just from the type of content that users are consuming, but also the amount of time they spend online, especially on their mobile devices," he added.

Swee said that by working closely together with news and content publishers as well as individual content creators, the company will be able to furnish richer, more relevant and relatable content to its users and at the same time deliver additional traffic and ad share revenue to its content partners. With a mobile-first focus in mind, Newswav launched its mobile application in 2017 and now has close to 200 content partners. Its existing investors include BFM Capital and YYC Ventures. 

Meanwhile, OSKVI's executive director, Amelia Ong, said the company sees tremendous opportunity in Newswav’s business model. "We believe that Newswav is well-positioned not only to continue its content leadership by bringing a more engaging and richer consumer experience, but also to establish an innovative approach towards content consumption and delivery that will pave the way for the content aggregator segment regionally," Ong said.