PT MNC Vision Networks Tbk (MVN), a unit of the media conglomerate MNC Group, has invested $20 million in the first tranche of video-on-demand service Migo Indonesia’s Series C round.
More investors and financial institutions will join in an extension of the round in a few months, Migo Indonesia said in a statement on Friday. The company is the local unit of Temasek-backed Migo, a disruptive last-mile content delivery platform founded by Barrett Comiskey, the inventor and co-founder of E Ink.
With the new funding, MVN wants to support Migo Global to grow its business in Indonesia with the best content.
“Migo has an interesting concept to deliver digital content swiftly, economically, and without limited internet network noise. Eighteen months since our first collaboration, I believe Migo is in a position to digitalise the Indonesian traditional media viewers,” said Hary Tanoesoedibjo, Chairman of MNC Group in the statement.
MVN announced its cooperation with Migo Indonesia in June 2021, under which Migo could gain access to and distribute MVN’s entertainment content. In September 2021, MNC took a minority stake in Migo by investing $40 million.
Since the collaboration with MNC, Migo Indonesia has garnered 30 million viewers, and 2 million subscribers who have accessed on-demand digital content. There are 1 million paid subscribers on the platform.
Migo plans to provide content that was previously enjoyed only by the upper-class, to Indonesian customers. The startup plans to develop tech that allows customers to transfer content like movies between devices in 30 seconds, down from the current 60 seconds.
“MNC’s content has attracted many viewers to our platform so far. We have gained benefits from the partnerships and are ready to expand the partnership with the new funding,” Dan Connor, CEO of Migo Indonesia said.
Migo Indonesia offers offline video-on-demand via its network partner of corner stores across Java island. At the stores known as ‘Warung Migo’ users can access Migo’s network to download video content at high speeds.
Founded in 2020, Migo’s retail network spans 1,700 locations across Jakarta, Banten and East Java. The company plans to expand the network to up to 10,000 locations across Java island which will make the service available for 100 million Indonesians. The company is targeting to reach 20 million paid monthly users by 2025.