- Led by AVG, with participation from 500 Startups, IMJ, Venturra, others
- Mobile key focus, also seeking partnerships with media publishers
REGIONAL e-commerce network iPrice Group said it has completed a US$1.2-million second seed funding round, and has now raised a total of US$1.75 million.
Existing funder Asia Venture Group (AVG) led the investment round with participation from 500 Startups, IMJ Investment Partners, Venturra, F2 Capital, and Startstrike Ventures.
Since its founding in October 2014, iPrice is now present in seven South-East Asian markets, has signed on over 150 merchants, and hosts a catalogue of over 15 million aggregated products, the company said in a statement.
It has set the goal to double those figures in the quarter, and has identified mobile as the key driver to achieve this.
“Internet consumption in Asia is heavily driven by mobile platforms, and our traffic data firmly backs this up,” said its newly-appointed chief executive officer and co-founder David Chmelař (pic above).
“Apportioning part of this funding to enrich the mobile viewing experience is, in our opinion, the most logical way to grow.
“By mastering our mobile presence, iPrice can truly become the consumer brand for online shopping that we envision to be,” he added.
The company said it is also actively extending its coupon and deal serving capabilities to media publishers around the region.
It has already established exclusive partnerships with Rev Asia in Malaysia and Rappler in the Philippines, and is actively looking to grow this number.
“Partnerships with media networks allow iPrice to address an even wider audience,” said AVG managing director Kai Kux.
“This not only builds more traction with the consumer, but also helps iPrice grow its merchant network by offering more coverage for their products and deals.
“By fully doubling-down on increasing traffic and growing our revenue, our next milestone will be receiving Series A funding,” he added.
iPrice operates e-commerce marketplaces in Hong Kong, Indonesia, Malaysia, the Philippines, Singapore, Thailand, and Vietnam.
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