Ookbee secures Series B funding from transcosmos
Thai e-book store has partnered with Japan’s transcosmos to strengthen its e-commerce business and further expand in Southeast AsiaBy Elaine Huang 08 Apr, 2014
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.
Ookbee Thailand Ookbee is a digital publication platform for iPad/iPhone, Android, and Blackberry, developed by mobile division of IT WORKS. Latest funding: Not specified Investors: Not specified