Thai eBook Startup Ookbee Raises $7 Million in New Funding Round

Southeast Thai eBook Startup Ookbee Raises $7 Million in New Funding Round eBookstore Asia’s number one ebookstore startup picked up a new investor today in their series B funding round.

Ookbee announced today that Tokyo-based Transcosmos has bought a 10% stake in the company. The terms of the deal have not been disclosed, but sources place the deal at around $7 million. This would value the company at approximately $70 million.

Transcosmos is an IT outsourcing firm, and it is joining Thai VC InVent, which owns 25% of Ookbee. In addition to buying a stake on Ookbee Transcosmos is also forming a strategic partnership which will involve Transcosmos assisting Ookbee in customer support, online marketing, and data analytics.

Primarily focused on serving readers in Thailand, Malaysia, Philippines, Vietnam, and Singapore, Oookbee boasts 5.5 million users, more than double the number of users reported in December 2012. Membership is expected to top 10 million by the end of 2014.

The startup offers reading apps for Android and iOS, and they recently launched a buffet style digital magazine service in Thailand called Ookbee Me. The price starts at 89 Baht (US$3) per month.

TechInAsia

Nate Hoffelder

View posts by Nate Hoffelder
Nate Hoffelder is the founder and editor of The Digital Reader: He's here to chew bubble gum and fix broken websites, and he is all out of bubble gum. He has been blogging about indie authors since 2010 while learning new tech skills at the drop of a hat. He fixes author sites, and shares what he learns on The Digital Reader's blog. In his spare time, he fosters dogs for A Forever Home, a local rescue group.

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