Media group Singapore Press Holdings (SPH) has invested in Magzter - a global digital magazine store and newsstand.
SPH announced on Wednesday that its wholly owned subsidiary was the lead investor in a US$10 million (S$12.5 million) round of funding in the New York-based company. The other co-investor is Kalaari Capital, a venture capital fund investing in global technology-oriented companies.
The exact investment outlay was not disclosed.
"Investing in Magzter is an opportunity for us to enter into yet another new platform for content delivery and is part of our strategy to enhance content creation and distribution," said Ms Deborah Lee, SPH executive vice-president for corporate development. "We see great potential in Magzter for future growth."
Magzter, which has plans to become the YouTube of magazines, enables publishers around the world to offer digital editions of their titles to global consumers.
It has more than 16 million users from more than 200 countries. Magzter also has more than 2,850 magazine titles and over 900 publishers.
The company was co-founded by chief executive Girish Ramdas and president Vijayakumar Radhakrishnan in 2011. Its headquarters are in New York, with sales offices in various countries, including Singapore.
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