Singapore-based media platform theAsianparent announced today that it has raised a seven-figure funding for its series C2 round from Mirae Asset-Naver New Growth Fund, which is set up by Mirae Asset Financial Group and Naver Corp.
This latest funding comes after its eight-figure series C round in July this year, which was led by Chinese family-focused conglomerate Fosun.
According to the firm, this new injection of funds will be used to fuel its diversification strategy and expand into the commerce segment.
It plans to create and manufacture its own line of baby and maternity products, a market that is expected to be worth US$16.78 billion by 2025.
“Expansion into commerce is a natural progression for TheAsianparent. As a purpose-driven maternal healthtech company, access to safe and healthy products at an affordable price point is complementary to the content we provide to our 30 million-strong parenting community,” said Roshni Mahtani, founder and CEO of theAsianparent.
TheAsianparent also said it will invest in advanced machine learning and artificial intelligence to beef up its tech infrastructure as well as hire more to expand its tech team.
In the long-term, it hopes to extend its reach to new markets with high fertility rates and expect to hit US$100 million revenue within the next few years.
Featured Image Credit: theAsianparent