SMDV Leads $20 Million Funding for Eko, Thailand-Based SaaS Business Startup

A Thai-based startup developer for collaboration and communication platform named Eko has just announced $20 million series B funding. It was led by Sinar Mas Digital Ventures (SMDV). Also participated are some other investors, including RedBeat Ventures (AirAsia's investment arm), East Ventures, and Gobi Partners.

Korawad Chearavanont, Eko's CEO & Founder said this funding is to be used for market expansion to Europe, England, and the US. In fact, he is part of Thai conglomerate Chearavanont, leading the Charoen Pokphand Group.

Eko's app is slightly reminiscing to some other platforms, such as Slack, Microsoft Teams, and Facebook Workplace. However, he said the product was developed to be more than just communication or collaboration tool. Attached also some features to support remote work.

There are some features designed specifically for workflow in Eko's app. Those include hierarchy approval system, assignment, digital signature, and audit facilities. Eko solution is designed to facilitate various types of business, such as hospitality, retail, corporate, construction, and health sector.

As an SaaS, Eko was introduced as a subscription product - presented in packaged sort by business scale. In IDC's observation, the collaboration platform has big potential. It's capable to reach $31 billion by 2022. Due to the latest trend for companies trying to change the internal culture in digital transformation.

– Original article is in Indonesian, translated by Kristin Siagian