theAsianparent bags funding from Siam Commercial Bank's venture capital arm

THEASIANPARENT on Tuesday said it has bagged a "seven-figure sum" in funding from SCB 10X - the venture capital arm of Siam Commercial Bank.

SCB 10X's investment closes the parenting community platform's Series C round, which also saw other investors including Fosun International, JD.com, Vertex Ventures, ATM Capital, Redbadge Pacific, Mirae Asset Financial Group and Naver Corporation.

theAsianparent said in a press statement that it will work with SCB 10X to improve financial literacy among young families in Thailand. This includes but is not limited to providing curated financial information and analysis that will assist parents to make informed decisions on household financial matters such as children's education and rainy-day funds.

theAsianparent founder and group chief executive Roshni Mahtani said: "Having achieved market leadership in Thailand in 2018, and since we rolled out next-generation innovation to our community such as the Mama's Choice direct-to-consumer brand of products, we are excited to work hand-in-hand with SCB 10X on financial innovation for young parents."

Pitiporn Phanaphat, SCB 10X chief business development and financial officer, said: "With young families as one of our growing target audiences, we anticipate creating value with theAsianparent as it continues to expand its parenting business in Thailand and the rest of South-east Asia."