NewsBytes raises its Series A from North Base Media

NewsBytes has gained its Series A round led by US-based media, content and information-centric venture capital firm North Base Media. According to regulatory filings, NewsBytes is set to raise Rs 3.9 crore with North Base Media Investments Fund investing Rs 3.75 crore for 10 equity shares and 1,154 Series A CCPS. Post allotment, the VC firm would hold a 6.23% stake in the company. 

Indian Dream Capital would also join the round with Rs 15 lakh and to expand its stake to 0.25% post this investment. The firm had previously raised $1 million in its pre-Series A round led by German publishing firm Mueller Medien’s investment arm MM Inno GmbH.

North Base Media, founded by former Wall Street Journal and Washington Post editor Marcus Brauchli and Sasa Vucinic, invests in media-tech and data analytics (content and advertising), e-commerce and content-monetization firms. NewsBytes will be the firm’s second investment in India, after it pumped money into the original text and video creator Pocket Aces in December 2016. 

NewsBytes has also altered its article of association to foray into software consultancy business including the development and distribution of several kinds of software, the filings show. 

NewsBytes has allotted 295 equity shares to debenture holders upon conversion of CCDs. Investors including Indian Dream Capital, Fin Services, Pravinbhai Shah & Family, and Puneet Dhaliwal are expected to benefit from this transaction. They had invested debt capital in NewsBytes during the last fiscal year.