The Singapore-based company said it raised a seven-digit sum in the Series C2 funding, which will help it expand into the commerce segment. It plans to create and manufacture its own line of maternity and baby products, a market expected to be worth $16.78 billion by 2025 per a Grand View Research report.
“Expansion into commerce is a natural progression for theAsianparent. As a purpose-driven maternal health-tech company, access to safe and healthy products at an affordable price point is complementary to the content we provide to our thirty-million strong parenting community,” said Roshni Mahtani, founder and group CEO of theAsianparent.
Launched in 2009, theAsianParent focuses on content and community platforms for Asian women. It operates in 12 countries across the Asia Pacific including Singapore, Malaysia, Indonesia, Vietnam, Hong Kong, Sri Lanka, India, Taiwan and Japan. The platform boasts close to 30 million users per month on its website and app, and is available in 11 languages.
The capital injection by the Mirae Asset-Naver fund adds to an eight-digit Series C capital raise in July led by Fosun International and joined by JD.com, ATM Capital and Redbadge Pacific.
theAsianparent plans to invest the Series C proceeds in machine learning and artificial intelligence support, beefing up its tech team and expanding its reach into new markets such as Africa as it seeks to generate $100 million in revenue within the next few years.
theAsianParent is the flagship brand under Tickled Media, which is the parent company of three other brands: Asian Money Guide, Her Style Asia and No Nilo. Mahtani, the group CEO of theAsianParent, is the biggest shareholder of Tickled Media, followed by Temasek-backed Vertex Ventures and China’s Fosun Group.
Mirae Asset-Naver New Growth fund is a $1 billion joint venture between South Korean financial group Mirae Asset Financial Group and internet giant Naver Corporation.