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Investment  8, Apr 2014

Ookbee secures Series B funding from transcosmos

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Thai e-book store has partnered with Japan’s transcosmos to strengthen its e-commerce business and further expand in Southeast Asia

Thailand-based e-book store Ookbee today announced that it has secured Series B funding from Japan’s transcosmos to expand further in Southeast Asia. The amount is rumoured to be US$7 million.

It had previously received US$2 million from Shin Corporation (INTOUCH) for a valuation set at US$8 million, which saw the bigger firm take a stake of 25 per cent.

According to ThumbsUp, a local online publication, transcosmos will now own a 10 per cent stake in Ookbee.

At a glance, Ookbee seems to be doing swimmingly, with operations in Thailand, Vietnam, Malaysia, the Philippines, and Singapore. A report published on transcosmos’s official website noted that the two companies will work together to strengthen its e-commerce business. The e-book store, which has more than 5.5 million members, will be able to leverage on transcosmos’s resources, like personnel and know-how in digital marketing, advertising operations, data analysis and customer support.

Masataka Okuda, President and COO, transcosmos said, “We want to continue accelerating e-commerce one-stop services in the ASEAN market, as well as support the e-commerce development of our customers in the ASEAN market.”

For the record, transcosmos has invested in e-commerce startups BerryBenka and Luxola.

e27 has reached out to Ookbee and transcosmos for more comments.

Elaine Huang

Elaine Huang

Elaine is a fervent believer that if there ever is a zombie apocalypse, we will all be snapping away at them with our phones and posting them onto Instagram. A Mass Communication graduate of Ngee Ann Polytechnic's School of Film and Media Studies, she enjoys writing about technology and entrepreneurs. When not hashtagging her way through all sorts of trouble, Elaine is probably contemplating how to write in the third person.

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