A Singapore-headquartered community and content platform for moms, which calls itself theAsianparent has closed a 8-figure Series C funding round led by Fosun, a family-focused, multinational company that invests in products and services for families around the world.
The funding round was joined by JD.com, ATM Capital, Redbadge Pacific as well as existing Series B investors like Global Grand Leisure and WHG Capital.
At a media briefing on Wednesday, founder and CEO of theAsianparent, Roshni Mahtani said that the company had previously raised a total of USD 8 million including its Series B round, without revealing details about the size of the Series C round.
Parenting is borderless and while cultural differences exist, moms around the world face similar problems when it comes to parenting. This is also the reason why the company has ventured beyond Singapore. From its founding in Singapore in 2009, its platform is currently available in 12 countries and nine languages, reaching over 23.5 million mothers across its markets.
The fresh funds will be used to aid theAsianparent’s development and expansion into other developing markets such as Africa, and possibly Latin America in the future, Mahtani said.
TheAsianparent already has a foothold in Nigeria under the brand “theAfricanparent” since early 2019 and the company will soon enter the Kenyan and South African market, Mahtani told KrASIA .
Part of the investment will be channeled into further developing the company’s mobile app, which was launched in September last year. As of now, the app is only available in Southeast Asian countries.
Mahtani also said that the company is preparing to launch its own brand of maternity products within the next few months.
The products will be first launched in Indonesia, Thailand, and Malaysia which are the company’s strongest markets. Products will be available both online and offline.
Mahtani said that the company is confident of hitting USD 100 million in revenue within the next five years.She did not disclose the current revenue.