Daily Secret, a daily e-mail newsletter business that offers city tips for young and relatively wealthy professionals, has announced that it has secured a series B funding to be mainly used for African expansion. Terms of the deal are not given on the press release, but TechCrunch found out that the figure is around $1.25 million. New round of capital is led by PanAfrican Investment Co. Existing investors Greycroft Partners and eVentures also participate in the round.
Daily Secret serves over 1.8 million subscribed members with a free daily email newsletter distributed across 20 countries including developed and emerging economies like India, China, Canada, UK etc.. It now plans to add over 15 new destinations this year, including some of Africa’s fastest growing markets.
Run from two offices in Athens and New York, newsletter company aims to help marketers reach the intelligent, millennial audience that has an inherent distrust of sales and advertising. CEO Nikolaos Kakavoulis said new investment will be used to expand to new geographies.
Daily Secret’s free daily emails are localized to each market and alert the subscribers about hidden gems such as restaurants without a sign, tucked-away bars, pop-up shops, and hush-hush events in town. All are uncovered by the company’s local editorial teams for a targeted audience who are ‘influential, educated, affluent, and connected young urban professionals’. This loyal subscription base, naturally, provides advertisers with a marketing solution with high conversion rates.
Round leader PIC, on the other hand, is a private investment firm founded by former Chairman of the Board and CEO of Time Warner, Inc., Richard Parsons, and Ronald Lauder, prolific investor and founder of Central European Media Enterprises, Ltd. “We look forward to working with Nikolaos and his team to bring their solutions to sub-Saharan Africa” said Dana Reed, CEO of PIC. “We believe Daily Secret will help promote tourism in Africa, while creating jobs on the continent.”