Thai e-book startup Ookbee lands $7M in Series B funding for Southeast Asian expansion
Thai online bookstore Ookbee has raised $7 million (THB200 million) in its second financing. The round values the startup at $70 million, according to Tech In Asia.
Transcosmos, an IT outsourcing company in Tokyo, was the lead investor in the Series B funding, the report added.
Under the terms of the investment deal, Transcosmos will take an unspecified equity in the startup. Thailand-based VC InVent (formerly Shin Corporation), already owns a 25% stake in the e-bookstore. In addition, Transcosmos will lend Ookbee a hand in its online marketing efforts and data analytics, the report detailed.
Oakbee claims to be Southeast Asia's biggest electronic bookstore. Its mobile app has already been downloaded more than 6.5 million times. As of now, the startup has presence in Vietnam, Singapore, Malaysia, and the Philippines. The company has recently launched an unlimited online magazine service in Thailand called Ookbee Me, which charges a monthly subscription fee of $3 (THB89). Ookbee's competitors include FlipReads, Readever, and Kobo, Tech In Asia reported.