iPrice Group raises US$1.5m funding from Woowa Brothers
By Digital News Asia May 20, 2021
- Funding to be used for product refinement, accelerating partnership rollouts
- Opens door for further partnerships with Woowa Brothers, Foodpanda
SOUTHEAST Asian e-commerce aggregator platform iPrice Group announced that it has raised US$1.5 million funding from South Korea-based food tech company Woowa Brothers.
This is the second funding received by the Malaysia-based company as it works towards its Series C funding round, iPrice said in a statement.
According to iPrice Group, Woowa Brothers has been striking startup investments in the SEA region since 2019. It has decided to fund iPrice due to its “robust performance and unique position in the industry as a preeminent e-commerce aggregator platform.”
"As the SEA's e-commerce market develops, the competition among e-commerce platforms is intensifying, and the number of sellers is increasing. We believe that iPrice's role of helping users find the right platform and save money will continue to be vital to the region," said Joshua Dhong, senior investment associate of Woowa.
iPrice allows consumers to instantly access six billion offers from more than two million sellers on a single platform, letting them compare products, prices, sellers’ reputation and delivery conditions.
“Consumers increasingly expect shopping experiences embedded in their phones – be it in various apps or even in the native camera apps for visual shopping,” said Paul Brown-Kenyon, group chief executive officer (CEO) of iPrice Group (pic,).
“We therefore built a product to bring e-commerce to those places, becoming the prime partner for leading platforms and super apps in the region.”
iPrice’s partnerships include the likes of Indonesia’s Home Credit, Thailand’s Thairath, GoRewards from the Philippines, Malaysian e-wallet Boost, Singapore’s ViSenze, and Vietnam’s SmartPay.
iPrice said since Woowa Brothers and Foodpanda are both part of a Germany-based online food-delivery service Delivery Hero, there may be further partnership opportunities between both organisations and iPrice in the future.
The company added that any form of partnership will not form part of the investment.
Woowa offers a range of food delivery platform to cloud kitchen, grocery delivery, procurement services to restaurants, livestream commerce, and serving robots for restaurants. It was acquired by Germany-based Delivery Hero in December 2019.
iPrice is currently working towards a Series C funding round. The funding will be utilised to further refine its product and accelerate the rollout of its partnerships.
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