Continuing its "Moonshot Mission" through investment in potential tech companies and startups seeking new tech capacities and exponential opportunities worldwide, SCB 10X has announced its investment in the Series C round of theAsianparent, the largest parenting community platform in Southeast Asia with over 30 million users each month. Further to the investment, SCB 10X and theAsianparent will jointly develop financial innovations to help young parents in Thailand make better financial decisions and better manage their household finance.
SCB 10X Chief Business Development and Financial Officer Pitiporn Phanaphat said, "Since early this year, we have focused on seeking new technology capabilities through venture capital (VC) for potential tech companies and startups worldwide in five key sectors: FinTech, future digital working and lifestyles, health care and wellness, an Internet of Things (IoT)-enabled world, and deep technology. In line with that focus, SCB 10X is glad to be a strategic investor in theAsianparent, the largest parenting community platform in Southeast Asia with young families as its main users. In this investment, SCB 10X joins other world-class investors, including Vertex Ventures, Fosun International, and Mirae Asset-Naver. We hope this major investment will strengthen SCB 10X's future growth in the health and wellness ecosystem."
"Further to our investment, SCB 10X and theAsianparent are joining hands to develop financial innovation and technology to assist young parents in Thailand with things like improving their financial decisions, managing their children's education, and dealing with emergencies. Because we also connect this consumer segment to theAsianparent's Thailand online community with millions of users each month, we hope to support and add value to theAsianparent as it continues to expand its parenting business in Thailand and the rest of Southeast Asia," Pitiporn added.
Founder and Group CEO of theAsianparent Roshni Mahtani said, "We are honoured to have SCB 10X as an investor supporting our growth in Thailand, one of our most important markets. Having achieved market leadership in Thailand in 2018, and since rolling out next generation innovation to our community such the Mama's Choice direct-to-consumer brand of products, we are excited to work hand-in-hand with SCB 10X to offer financial innovation and great user experiences to young parents using our parenting community platform."
About SCB 10X Co., Ltd.
SCB 10X Co., Ltd, a holding company under Siam Commercial Bank PCL. (SCB), was established in January 2020 with a "Moonshot Mission" to create long-term value through venture capital, venture building, and strategic investment and partnership in exponential technologies, championing passionate entrepreneurs, empowering the underserved, and building successful partnerships. SCB 10X oversees all the technology companies under the SCB Group, including Digital Ventures, SCB Abacus, MONIX, as well as those technology companies or investments in SCB's future business pipeline. For more information, please visit: www.scb10x.com or e-mail to: contact@scb10x.com
About theAsianparent Group
theAsianparent is the number one parenting community platform in Southeast Asia, aiming to help parents have healthy pregnancies and raise healthy children and families. theAsianparent reaches over 30 million users per month on its website as well as app and is available in 11 languages in 13 countries. theAsianparent investors include Fosun International, JD.com, Mirae Asset-Naver New Growth Fund, Vertex Ventures, and others.