Bangkok-Based Eko Communications Raises $20 Million To Expand Internationally

By Dan Anderson ● November 27, 2018

Bangkok-based Eko Communications, a mobile communications platform company, has announced it has raised $20 million in Series B funding and that it opened offices in London, Amsterdam, and Berlin. Eko Communications rivals communications platforms like Slack and Microsoft’s Teams app.

This round of funding was led by SMDV. Redbeat Ventures (the investment arm of AirAsia), Gobi Partners, East Ventures, and existing shareholders also participated in this round. Eko Communications has now raised a total of $28.7 million. Some of Eko Communications’ other investors include Gobi Partners, 500 Startups, and Japanese trading company Itochu Corporation. And Eko Communications’ clients include Thai-mobile company True, Radisson, and 7-Eleven.

Photo: Eko Communications

“The EU’s economy is roughly seven times larger than that of Southeast Asia’s, whilst the US is roughly the same size as Europe. The difference in the size of the enterprise IT market is even wider as the EU and the US spend heavily on software,” said Eko Communications founder and CEO Korawad Chearavanont. “Thus, if Eko is to achieve the necessary scale to become a serious global player in the mobile enterprise market, continued growth in these markets is critical.”

Deal Street Asia pointed out that Chearavanont is the grandson Dhanin Chearavanont, who is the senior chairman of Charoen Pokphand (CP) Group and is one of the wealthiest men in Thailand at a net worth of approximately $14.7 billion.

And in an email to TechCrunch, Chearavanont said that Eko Communications has localized products for target markets including the UK, Ireland, Benelux, and the DACH region (Germany, Austria and Switzerland).

Chearavanont said that Eko Communications’ revenues more than tripled this past year and now the company has over 500,000 recurring paid users.