Vattanak Khun CEO of 505 Digital Said, owned by Cambodia-based 505 Group (Cambodia)Co.,Ltd. has secured an undisclosed pre-seed funding at the Valuation of 5 Million US Dollar from a group of local investors.
“At first, we wanted to build a platform to store public documents for helping our readers. Today we hosting more than thousand free books, thousands documents and 50 premium books and audiobooks in our platforms, we are working with 25 authors and received encouragement from the minister of Information and the minister of culture and fine-arts” said Founder Vattanak Khun.
Early 2019, Vattanak Khun and co-founders Pin Sreyneat and put together their knowledge and expertise to create 505 Digital App and later incorporate it into a business in early 2021, today 505 houses over 25 staff members strong from writers, editors and multimedia creators served to hundred of thousand Cambodian reader and listener from all over the world.
Cambodia is on the fast-paced development in all areas, there are 21.24 million mobile connections in early 2020 which is 128% of the total population12.5 millions have access to the internet, 12 millions of mobile internet users (access via smartphone) and 80% of the smartphone owners are under the age of 35.
The cope of social distance and isolation due to the COVID-19 pandemic had increased the number of e-book readers substantially.
“Investing in 505 Digital App is not only profitable, but also contributes to the country’s development. It helps develop human resources with its free and premium books, and encourages and creates more authors.” said the lead investor In Mean.
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