News

Singapore-based theAsianparent raises second round of series c funding

Singapore-based theAsianparent has closed a second round of series C funding (series C2) with a seven figure sum from Mirae Asset Financial Group and Naver corporation, both based in South Korea under the their Mirae Asset-Naver new growth fund.

Earlier this year, theAsianparent secured an eight-figure Series C round led by Chinese conglomerate Fosun International and other investors such as JD.com, ATM Capital and Redbadge Pacific. 

 

The funds will be used to back theAsianParent’s foray into retail with a line of maternity and baby products. In a previous interview with Mumbrella, theAsianparent founder and group CEO Roshni Mahtani had said: “Content companies cannot exist as content companies alone. We pivoted to being content and community with the launch of the app last year. And now, we’ve closed the loop with commerce.

“We have created products that are not really available in Asia. But ones that we know that Asian moms have been looking for and which use Asian ingredients.”

Another priority for theAsianparent is geographic expansion, having made a foray into Africa with theAfrican parent. A release from theAsianparent said: “We will also be allocating more resources into improving technology infrastructure to support our growing community through investments in advanced machine learning and artificial intelligence support, as well as expanding the technology team.”

The potential for global baby products was pegged to reach US$16.78 billion by 2025, said the Asianparent quoting a report from Grand View Research. 

Speaking about the investment, Mirae Asset Capital head of the new growth investment division Jikwang Chung said: “We are always on the lookout for forward-thinking, fast-growing companies to invest in, and that’s exactly what theAsianparent is. 

“We’ve seen how they’ve grown from a start-up to a multinational company with almost 30 million users, and are happy to be a part of their journey.” 

Mahtani said: “We are honoured to have Mirae Asset and Naver Corp’s support in theAsianparent’s growth journey. 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.” 

Earlier this year, theAsianparent hired former DAN China CEO, Susana Tsui as  is working towards a US$100 million revenue milestone within the next few years.

ADVERTISEMENT

Get the latest media and marketing industry news (and views) direct to your inbox.

Sign up to the free Mumbrella Asia newsletter now.

 

SUBSCRIBE

Sign up to our free daily update to get the latest in media and marketing