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Apps Foundry gets S$3m funding for its series B

Nurdianah Md Nur | April 24, 2013
The funding comes from PT Gramedia Digital, a subsidiary of Indonesian media company Kompas Gramedia.

Apps Foundry, an Indonesian mobile app developer headquartered in Singapore, has raised S$3 million (US$2.4 million) in a Series B round of funding for its newsstand mobile app SCOOP.

The investment comes from PT Gramedia Digital, a subsidiary of Indonesian media company Kompas Gramedia.

SCOOP has been downloaded over 650,000 times and currently delivers over 1.8 million e-publications annually worldwide to its 210,000 monthly active users.

Due to this investment, SCOOP users will have access to 10,000 e-books from Kompas Gramedia's seven publishers.

According to CEO of Apps Foundry, Willson Cuaca, the investment will support the company's strategy to strengthen its presence in ASEAN countries before expanding to the rest of Asia.

Apps Foundry managed to raise fundings from Shanghai-based venture capital Gobi Partners and Japanese investment firm Mitsui Global Investments for its series A which closed in December 2011.

 

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