Malaysia-based iPrice, which aggregates a multitude of ecommerce sites in Southeast Asia into a single shopping destination, today announced it raised $1.2 million in seed funding – its second round.
Existing investor Asia Venture Group led the investment, while 500 Startups, IMJ Investment Partners, Venturra Capital, F2 Capital, and Startstrike Ventures participated.
This new amount brings iPrice’s total funding to $1.75 million to date.
Established in October 2014, iPrice allows online consumers to discover and shop for products in an intuitive way. Whereas other aggregators are all about comparing prices, iPrice focuses on narrowing down the vast volume of products online to suit a user’s preference. It offers an easy-to-use search and filter interface and personalises the shopping experience through algorithms that learn from the consumer’s behaviour.
iPrice has now signed on over 150 merchants and hosts a catalogue of over 15 million aggregated products from different ecommerce sites in the region. It currently clocks a million visits a month across seven markets – Malaysia (iprice.my), Indonesia (iprice.co.id), Singapore (iprice.sg), Vietnam (iprice.vn), Thailand (ipricethailand.com), Philippines (iprice.ph), and Hong Kong (iprice.hk).
iPrice aims to double those figures in the next quarter and has identified mobile as the key driver.
“Internet consumption in Asia is heavily driven by mobile platforms, and our traffic data firmly backs this up. Apportioning part of this funding to enrich the mobile viewing experience is, in our opinion, the most logical way to grow,” says co-founder and CEO David Chmelar?.
This is an excerpt from Tech in Asia. You can read the full article here.