Eko Communications, the mobile-first collaboration, and business messaging startup based in Thailand have successfully raised $20 Million in series B funding.
The finance is led by SMD Ventures, with participation from AirAsia’s digital investment arm Redbeat Ventures, Gobi Partners and East Ventures will help the company to expand its business across Europe, the UK, and the US.
With the Eko app funding, the workplace messaging app plans to target the Japanese market through its collaboration with Japanese conglomerate Itochu, which came followed by $2 Million in strategic funding.
The Bangkok-based company has snowballed its revenue more than 3 times in the past year and now counts a paid user-base of about half a million across sectors like retail, banking, hospitality, and other service-based industries.
Eko’s 24-year-old founder and CEO, Korawad Chearavanont, who is also the grandson of Southeast Asia’s richest man Dhanin Chearavanont, stated,
“It seems like many Japanese companies are implementing policies that are favorable to use. This is a strategic investment to spark a partnership, we saw this as an opportunity to have access to a huge company, with a vast software business in Japan and international reach.”
Eko app is designed to provide a better solution to the existing chat applications, ensuring that all employees are able to quickly understand the technology and adapt to its usage. It’s cost effective pricing makes it even more worthy alternative for companies looking to use the tool across thousands of employees.
Based on consumer’s reviews about Eko’s products, they have experienced benefits such as accelerated digitization of workflows, notable communication efficiency, increase in employee engagement rate and other productivity gains.
Since the Workplace messaging and collaboration app is competing with giants like Facebook and Microsoft, Korawad differentiates his product with the two workplaces in the best possible way by saying,
“Eko is more than collaboration and chats. Think about what happens in most companies; employees don’t always need to be collaborating, but they do need to get work done. Whether that’s tracking inventory, generating sales reports, approving vacation days, or anything else that a company does.”
He further added,
“Slack and Microsoft Teams are utilized by ‘knowledge workers’ and these systems are priced for these type of users.”
Eko app Communications is working towards making it easier for companies to transit their communication source to a more secure and efficient system with APIs to help them integrate legacy systems.