Southeast Asian parenting platform theAsianparent announced that it has closed a seven-figure Series C2 funding from new strategic investors Mirae Asset Financial Group and NAVER Corporation.
Secured through their Mirae Asset-Naver New Growth Fund, the funding will be used to further implement theAsianparent’s diversification strategy, the company said in a press release. This entails foraying into the commerce business through manufacturing, and creating its own direct to consumer line of maternity and baby products.
theAsianparent will also allocate resources to improve its technology infrastructure, by investing in machine learning and artificial intelligence, as well as expanding its technology team.
“We are honoured to have Mirae Asset and NAVER Corp’s support in theAsianparent’s growth journey,” said Roshni Mahtani, Founder and Group CEO of theAsianparent.
Earlier in July, the company had secured an eight-figure Series C Funding led by Fosun International, followed by other investors such as JD.com, ATM Capital and Redbadge Pacific.
In a press statement, theAsianparent noted that the global baby products market size is expected to reach SGD22.79 billion by 2025. This is due to an increased female working population becoming mothers, fuelling the demand for ready-to-use products for themselves and their babies.
The Asia Pacific market, where the company has its strongest roots, is also expected to expand. This is driven by increased awareness of the importance of “baby nutrition, hygiene, and safety'' especially in developing regions in Asia.
Mahtani added, “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.”