TheAsianparent bags 7-figure funding amount from SCB 10x

Southeast Asian parenting communication platform theAsianparent said it has secured a seven-figure amount of funding from SCB 10x, a holding company under Thailand’s Siam Commercial Bank (SCB).

The corporate venture capital firm joins other investors such as Fosun International, JD.com, Vertex Ventures, Mirae Asset Financial Group, and Naver as a final close for the startup’s series C round. This brings theAsianparent’s total raised for the round to US$17 million, according to data from VentureCap Insights.

Photo credit: Tickled Media

As part of the deal, SCB 10x and SCB will work together with theAsianparent to improve the financial literacy of young families in Thailand. This includes providing families with curated financial information and analysis to assist them with household financial matters such as the cost of children’s education.

According to data from the Thailand Board of Investment, the majority of Thailand’s workforce – which accounts for 38.05 million of its population as of August 2020 – is under the age of 35.

“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, SCB 10x’s chief business development and financial officer.

Starting off as a blog, theAsianparent has grown to become a social network that serves as an information resource for parents in the region.

In January this year, the company announced a push into offline offerings such as events and conferences. TheAsianparent has also expanded into commerce, creating its own direct-to-consumer line of baby and maternity products.