ITOCHU Corporation Makes Strategic Investment into Eko Communications
August 24th, 2017
August 24th, 2017
The investment will bring significant strategic advantages to Eko and help accelerate its global growth whilst reflecting ITOCHU Corporation’s commitment to supporting the ASEAN startup ecosystem.
Bangkok, Thailand: ITOCHU Corporation of Japan, has made a major strategic investment into Eko Communications, a leading technology startup from Thailand. ITOCHU’s investment will support Eko’s ambition to expand into overseas markets around the world whilst fulfilling ITOCHU Corporation’s initiatives to invest in fast-growing technology startups and drive change within its own organization. The investment will raise the total amount invested into Eko’s products and people to well over US$10 Million, helping to accelerate the startup’s growth before a planned Series B round in 2018.
ITOCHU Corporation is ranked by the 2017 Forbes 2000 list as the world’s largest and most profitable trading company, it was originally founded in 1858, and has 113 offices located in 62 countries. ITOCHU Corporation operates in 6 key areas: ICT, textiles, machinery, metals/minerals, energy/chemicals, and food. In 2016, it registered over US$44 Billion in revenue.
“ITOCHU, which is actively moving forward with investments in ventures both in Japan and overseas, will invest in ventures in Southeast Asia and continue to offer more new services that harness technology.”
Eko, founded in 2012 by then 17-year old, Korawad Chearavanont, has previously raised a total of US$6.7 million in rounds led by 500 Startups and Gobi Partners. Within the last 12 months, its monthly recurring revenues have grown by 630%, and paying active users have also grown by 230%. While it still counts Thailand as its largest market, Eko expects the U.S., Chinese, and U.K. markets to become its largest markets, respectively, within the next several months. Eko’s clients currently include 11 corporations with market values exceeding US$2 Billion, as well as hundreds of other smaller companies spread across dozens of countries. After a free period, Eko’s customers subscribe to paid user licenses which are charged on a monthly based. Eko now has over 150,000 recurring paid user licenses.
“I would like to extend my most sincere thanks to ITOCHU Corporation. We are honored to have such a reputable and successful company join us on our journey. As a major global company, ITOCHU Corporation’s backing will help foster Eko’s international growth as we turn our focus towards bigger markets. Japan is also the second largest enterprise IT market in the world and will be crucial towards Eko’s long term success,” said CEO Korawad Chearavanont.