iPrice, a service that aggregates Southeast Asia’s e-commerce web sites in a single vacation spot, has pulled in new funding led by messaging app Line’s VC arm, Line Ventures.
The spherical is formally undisclosed, however TechCrunch understands from a supply near negotiations that it’s price round $four million. Present iPrice backers Cento Ventures (previously generally known as Digital Media Companions) and Venturra Capital additionally took half on this spherical.
iPrice, which has its HQ in Malaysia, Kuala Lumpur, beforehand raised a $four million Sequence A in late 2016. At present’s funding takes the startup to $9.7 million raised general.
The corporate was began in 2015 in response to the rising variety of e-commerce corporations in Southeast Asia, and specifically the rising variety of vertical-specific choices. Despite the fact that there are some giants, corresponding to Alibaba’s Lazada, the area has quite a lot of smaller gamers that may wrestle for visibility. iPrice was initially a coupon web site, earlier than pivoting into an aggregation mannequin which basically acts as a vacation spot for consumers to then go on and buy gadgets from e-commerce retailers.
In a method, it’s very similar to flight reserving websites — corresponding to Skyscanner — which ask a buyer the place they wish to go earlier than scouring the online for the very best journey offers. iPrice does this for e-commerce in Southeast Asia. It hopes that simplifying issues by means of a single vacation spot portal could make it the go-to on-line shopping for web site for the area, which now has over 330 million web customers — greater than the inhabitants of the U.S. — in keeping with a latest report co-authored by Google.
iPrice on the internet, though its cellular app and cellular browser model are extra used
At present, iPrice claims to supply over 500 million SKUs throughout Malaysia, Singapore, Indonesia, Philippines, Thailand, Vietnam, and Hong Kong. The corporate mentioned that over 50 million individuals visited its web site since December 2016, and this yr alone it’s aiming to develop to 150 million guests.
The corporate mentioned electronics has been a selected driver whereas, outdoors of working with e-commerce corporations to drive enterprise, it has developed a B2B enterprise with media teams and types, together with Mediacorp in Singapore and Samsung in Indonesia, who pay to tailor its service. Final yr, it developed an insightful report on the state of e-commerce in Southeast Asia.
The deal is sensible for Line Ventures due to the distinctive vantage level that iPrice occupies, whereas it additionally ties into dad or mum firm Line’s need to transcend being a messaging app and construct out a cellular ecosystem. That’s seen it develop companies corresponding to meals supply, ride-hailing, funds and e-commerce, though it has struggled within the latter class. A relationship with iPrice may give it larger perception for future e-commerce ventures in Southeast Asia.