Singapore-based theAsianparent, a Southeast Asian community platform for parents, has secured a seven-figure dollar sum in Series C funding from SCB 10X, the digital technology investment arm of Thailand’s Siam Commercial Bank (SCB), according to an announcement on Tuesday.
The Series C round size is said to be $2 million, per data from VentureCap Insights.
SCB 10X was joined by Fosun International, JD.com, Vertex Ventures, ATM Capital, Redbadge Pacific, Mirae Asset Financial Group, and NAVER Corporation in the final close of theAsianparent’s Series C round.
SCB 10X and SCB will work together with theAsianparent to improve financial literacy among young families in Thailand.
Founded in 2009, theAsianparent is one of the leading parenting community platforms in Southeast Asia that aims
to help parents have healthy pregnancies and raise healthy children and families. The company claims that it has over 30 million users per month on its website as well as app and is available in 11 languages in 13 countries.
theAsianparent’s investors include Fosun International, JD.com, Mirae Asset-Naver New Growth Fund, and Vertex Ventures.
“With young families as one of our growing target audiences, we anticipate creating value with theAsianparent as it continues to expand its parenting business in Thailand and the rest of Southeast Asia,” said Pitiporn Phanaphat, Chief Business Development and Financial Officer of SCB 10X.
In November last year, the parenting community platform secured capital from the Mirae Asset-Naver New Growth Fund to round out its Series C financing. The Singapore-based company said it raised a seven-digit dollar sum in a Series C2 funding, which will help it expand into the commerce segment.
The capital injection by the Mirae Asset-Naver fund adds to an eight-digit dollar 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.
In an interview with DealStreetAsia, SCB 10X’s chief venture and investment officer said that it is looking to ramp up investments in sectors that are poised to benefit from the new normal. This includes five themes: digital payments, remote work, digital lifestyle, healthtech, and AI and robotics.
In September, the CVC firm had led a $9 million investment in Thailand’s insurance tech company Sunday.