August 10, 2021
Technology, Digital Media and Media
Capital raise / fund raise
Advisor to Ookbee on its fundraise from Tencent and Sumitomo
GCA advised Ookbee, creator of one of Thailand’s largest digital content ecosystems, on its growth financing from Tencent and Sumitomo Corporation to expand its business across Southeast Asia.
Ookbee is Thailand’s largest digital content platform with over 11 million monthly active users and 3 billion monthly page views. It has the largest content library across novels, e-books, music and video, with 2.7 million content repositories and 1 million creators. The company has a robust technology platform that supports content creation at scale and a strong AI-based content recommendation engine. On the back of its leadership position in Thailand, Ookbee is rapidly expanding to Indonesia and other Southeast Asian countries.
The capital invested will help Ookbee improve its AI recommendation engine, launch new products and expand across Southeast Asia to become a regional leader.
The User Generated Content economy is extremely active with consolidation and capital markets activity – recently Naver acquired Wattpad (a Canada-based storytelling platform) for $600 million and Kakao Page is expected to go public in a multi-billion-dollar IPO in Korea later this year. Tencent is the most prolific investor in this sector with investments in China Literature (China), Kakao Page (joint venture in Korea), Peep (Japan), Pratilipi (India) and Wattpad (investment prior to the exit to Naver).