Taiwan-based digital media house TNL Media Group raised US$8 million in an ongoing Series D funding. The funding was led by New York-based venture capital firm Palm Drive Capital.
The round of funding is expected to close in a few weeks to come as the media startup says it is still in conversation with some late investors.
Founded in 2013 as The News Lens, TNL Media primarily focused on millennial digital news targeting Southeast Asia and China as its market.
TNL Media Group plans to use this new capital infusion to add more media verticals and expand into more international markets.
Joey Chung, Co-Founder and CEO at TNL Media Group, said in the statement that TNL Media Group aims to become “one of the largest international Chinese market content plus technology service and data analytics platforms.”
“We are eager to optimize [Palm Drive Capital’s] considerable contacts and experience in building our next stage growth in terms of readership scale, international expansion, and the maturing of our technology development capabilities,” he added.
Nick Hsu, managing partner at Palm Drive Capital said in a statement, “Palm Drive Capital focuses on investing in global technology startups using software to transform traditional industries. This is evident in the media industry, particularly as Taiwan’s online ad expenditure has already reached over one billion U.S. dollars and is estimated to grow to 1.65 billion U.S. dollars by 2021. Having known the TNL Media Group team for years, we see the massive potential to leverage data to drive growth, consolidation, and international expansion in the media industry.”