Migo.tv (Migo) announced the closing of the Series B2 funding round. Participated also some well-known names in the Southeast Asian technology industry, such as Gojek and Lippo Karawaci’s Commissioner Ray Zage, YouTube’s Co-founder & ex-CTO Steve Chen, Agaeti Ventures’ Founder Pandu Sjahrir. One of their plans is to further develop their plans in Indonesia.
Migo’s representative said that its main objective in this round is to gather teams in supporting Migo to develop their plans in Indonesia.
“We are pleased with the quality of Indonesian investors who have joined us in this round, and they have provided strategic advantages for Migo,” one of Migo’s representatives told DailySocial.
Migo will bring their expertise in providing their flagship service in Indonesia through online to offline (O2O) videos-to-go which allows users to watch offline without buffering.
First developed by Barrett Comiskey, Migo allows app users to download movies and TV shows from Wargo (Warung Migo). In simple terms, users only need to go to the location of the grocery store that works with Migo to download movies or TV shows on the spot, and so they can enjoy the content offline.
“We just started this service in mid-June, we’re still quite an unknown brand [..] Our average customer visits Wargos to download 2 times per week. Average downloads per download day are nearly 800 MB, which is more of 4x the amount of data transmitted by the average mobile operator,” Migo’s representative said.
In particular, Migo’s target market is the mass market segment having issues with data and does not have adequate connectivity at home. Migo is here to solve this problem with global player partners such as Disney +, Netflix, and HBO.
“We are excited to find new investors with experience and expertise in the field when we launch it in Indonesia. With their capital and support, they have allowed us to focus on our core mission of giving everyone smartphone access to premium digital content at affordable prices. reduce the risk of our launch, and take advantage of this favorable environment,” Migo’s Founder and CEO Barret Comiskey said.
Migo’s business
Migo started his journey in Indonesia in March, and finally established in June with a subscription model. Since then, Migo claims to have experienced a quite high increase, especially in the current pandemic condition.
Migo explained that their first product was O2O video-to-go, also included in their plan to present exclusive technology for one-way digital experiences for learning materials, O2O e-commerce, services, finance, and others.
“In 2021 we will expand our network to more than 5000 locations and our active customer base to millions. Based on our current results, we also hope to achieve operating profitability by 2021,” Migo’s representative said.
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Original article is in Indonesian, translated by Kristin Siagian
