Southeast Asia’s e-commerce platform raises new funding round

Friday, May 11, 2018 08:19

The funding is estimated at some US$4 million, according to technology website TechCrunch. — VNS Photo

iPrice Group, Southeast Asia’s product discovery and price comparison platform, raised a new round of funding from messaging app Line’s venture capital arm, Line Ventures.

Its existing backers, including Cento Ventures and Venturra, also took part in this round, the company announced.

The e-commerce website refused to disclose the funding value when contacted by Việt Nam News, but it is estimated at some US$4 million, according to technology website Tech Crunch’s source.

iPrice raised $4 million Series A funding in late 2016. Since then, more than 50 million online shoppers have visited its website, which has expanded its product catalogue from few dozens of millions to over 500 million SKUs (stock keeping units) across seven markets, including Malaysia, Singapore, Indonesia, the Philippines, Thailand, Việt Nam and Hong Kong.

“iPrice, which is driving the explosive growth of e-commerce in Southeast Asia, has the most promising team with the right talents, technology and operational excellence. In turn, they [iPrice] will become the first destination in the online shopping journey in Southeast Asia,” said June Cha, general manager of Line Ventures.

iPrice has set up strategic B2B (business-to-business) partnerships with some large media groups and brands, such as Mediacorp, Thairath and Samsung, by offering them tailored affiliate solutions.

Last year, it introduced an insightful report on the development of e-commerce in Southeast Asia. – VNS

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