SVARA, a broadcasting and media startup, announced today, that it has secured an undisclosed amount of capital in a pre-Series A round, from corporate VC firm UMG Idealab, in a press release statement. With this, SVARA’s valuation has reached a total of US$10 million.
The capital will be used to develop products, strengthen marketing and development teams, expand strategic partnerships, and educate the radio industry on being more digitally focused.
Founded in 2017 by Hemat Dwi Nuryanto and Farid Fadhil Habibi, SVARA is a platform where users can stream live radio and listen to music.
SVARA also uses a cloud-based system in supporting media industry, such as professional radio station, on how they operate their end-to-end business process, such as scheduling pre-on-air, execution the broadcasting activity, and reporting after on-air. So that the radio crew, can handle all operational radio remotely.
It consists of an on-air platform (broadcaster automation) and an online platform. Users can enjoy various audio and non-audio content in the app, including radio, music, and podcasts.
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SVARA has collaborated with various parties, including PRSSNI (Indonesian National Private Broadcasting Radio Association), Collective Management Institute (WAMI – Wahana Music Indonesia), Telkomsel, LPIK ITB (Innovation & Entrepreneurship Development Institute of Bandung Institute of Technology), and IDX (Indonesia Stock Exchange) Incubator.
The creative digital firm claims the platform is used by more than 100 AM/FM radio broadcasts in Indonesia.
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UMG Idealab being one of SVARA’s first investors is a unit of UMG Group Myanmar and has actively been investing in nearly 30 startups in Indonesia.
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