Fewcents raises $1.6 mn for expansion

New Delhi Singapore-based Fewcents on Monday said it has raised $1.6 million (about Rs 11.7 crore) in funding from M Venture Partners, Hustle Fund and others. Fewcents is a fintech-for-media startup that provides solutions for digital publishers and creators to monetise their content. The seed round saw participation from angel investors such as Koh Boon Hwee (former Chairman of DBS Bank), Kenneth Bishop (former Managing Director, Southeast Asia, Facebook), Jeremy Butteriss (Partnerships, Stripe) and Shiv Choudhury (Partner and Managing Director, the Boston Consulting Group), a statement said.

Francesco Alberti (former APAC Regional Sales Director, Bloomberg Media Distribution), Lisa Gokongwei-Cheng (President, Summit Media), Prantik Mazumdar (Managing Director, CXM Group, dentsu International Singapore), Saurabh Mittal (Chairman and Founder, Mission Holdings) and Nitesh Kripalani (former Director and Country Head, Amazon Video India) also participated, it added. The funds will be primarily used to enhance the company's proprietary pay-per-content solution and expand its business footprint globally, the statement said. "In recent times, users are willing to pay for quality content more than ever.

However, users won't subscribe everywhere and hence willingness to commit to monthly subscriptions hovers between 1-5 per cent of active users for any single publisher.