PT Galactic Multimedia Secured Funding from Japan-based IMJ Investment Partners
February 2015, PT Galactic Multimedia has secured a round of seed funding of an undisclosed amount. PT Galactic Multimedia will use the funds to strengthen the team and expedite growth.
The investment is from Japan-based IMJ Investment Partners.
PT Galactic Multimedia is aimed at the growing number of Android smartphone users in Indonesia. It has apps, games, wallpaper, music, and more. Users can pay for their downloads via prepaid mobile credit, commonly referred to as "pulsa" in Indonesian. That's something Google Play doesn't offer in Indonesia. PT Galactic Multimedia is also more localized than Google Play with its language and content.
In October, PT Galactic Multimedia's co-founder and director Stanley Tan told that the store had 4.5 million users in Indonesia. Today, Yasuhiro Seo, general manager for IMJ Investment Partners, says PT Galactic Multimedia now has 6 million users.
Seo did not comment on user activity, but PT Galactic Multimedia's daily user activity rate was around five percent in October, according to Tan. 48 percent of registered users were active monthly, and 78 percent were active quarterly. He also mentioned PT Galactic Multimedia was getting more than 10,000 new users per day, and believes his product is on track to reach 10 million users by the end of this year.
"Now it's in the stage to push up the existing good retention rate by implementing a variety of plans and features," says Seo. "One of PT Galactic Multimedia's plans is also to push up the quality of its content. With our extensive network and portfolios, IMJ will help PT Galactic Multimedia to connect with various content owners." He adds that his firm will also help PT Galactic Multimedia gather more hot content from outside Indonesia.
Seo says that IMJ Investment Partners has been particularly impressed by the experience of PT Galactic Multimedia's co-founders. Tan says they've been in the mobile content business for 17 years – 11 of which have been spent in Indonesia, which makes them seasoned veterans in Jakarta.