Content platform for mothers and parents, theAsianparent has bagged a seven-figure funding in its latest series C2 round from new investors financial services company Mirae Asset Financial Group and Internet content service company NAVER Corporation through the joint Mirae Asset-Naver New Growth Fund.
This comes after theAsianparent secured an eight-figure series C funding in July 2019 led by Fosun International, followed by other investors such as JD.com, ATM Capital and Redbadge Pacific. With the additional funding, the company aims to further implement theAsianparent's diversification strategy, which entails expanding its foray into the commerce business through manufacturing and creating its own direct to consumer line of maternity and baby products.
In addition, theAsianparent will also be allocating more resources into improving its technology infrastructure to support its community through investments in advanced machine learning and artificial intelligence support, as well as expanding its technology team.
Alongside its diversification strategy, theAsianparent also looks to continue expanding its community reach into new markets with high fertility rates. Through its localised content and community platform, it aims to assist more than 50 million parents. The platform currently has a monthly network reach of 30 million users. According to theAsianparent, it is working towards a US$100 million revenue milestone within the next few years.
Roshni Mahtani (pictured), founder and group CEO of theAsianparent said as a purpose-driven maternal health-tech company, access to safe and healthy products at an affordable price point is complementary to the content the platform provides to its 30 million strong parenting community.
"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," she added.
Meanwhile, Jikwang Chung, head of the new growth investment division at Mirae Asset Capital who oversees international growth stage/venture capital investments 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."
Recently, former Dentsu Aegis Network's group CEO of the China market, Susana Tsui resurfaced at theAsianparent to helm the newly created role of CEO of media. In her new role with theAsianparent, Tsui has been tasked with strengthening the brand across mature and new markets. As CEO of media, she will also helm theAsianparent's content, community and media platforms, including its website and community app that was launched last year in September.