iPrice Group to raise new funding led by LINE Ventures - Reuters

 

iPrice Group to raise new funding led by LINE Ventures

iPrice Group to raise new funding led by LINE Ventures

Mon May 7, 2018 - 04:54am UTC

iPrice

7/5/2018 – iPrice recently announced that it has raised a new funding round led by LINE Ventures with participation from existing investors Cento Ventures and Venturra.

According to iPrice, the new round of undisclosed funding comes as the company is on track to reach more than 150 million visitors this year on the back of the fragmented e-commerce market and the increasing online savviness of Indonesian shoppers.

Last December, the Malaysia-based platform closed a US$4 million Series A funding round led by existing investors Asia Venture Group and Venturra Capital.

In the year 2015, the company raised equity funding worth US$1.2 million, in addition to a US$550,000 seed investment when it launched early that year.

iPrice operates in seven markets including Malaysia, Singapore, Indonesia, Philippines, Thailand, Vietnam, and Hong Kong. The startup is leveraging on how Southeast Asia is gradually becoming an ecommerce haven with new online stores emerging daily.

“In the next few years, online shopping will become part of our everyday life for everyone in Southeast Asia. Our vision is to be the destination where people start their online shopping,” said iPrice Group CEO David Chmelar.

Besides the rapid growth, iPrice has also been able to secure strategic business-to-business partnerships with some of the biggest media groups and brands in the region which include Mediacorp in Singapore, Thairath in Thailand, and Samsung in Indonesia.

As the lead investor in the new funding round, LINE Ventures said they were confident that iPrice will become the first destination in the online shopping journey in Southeast Asia.

“iPrice, which is riding the explosive growth of e-commerce in Southeast Asia, has the most promising team with the right talents, technology, and operational excellence in the region,” said June Cha, the General Manager of LINE Ventures.

Based in Kuala Lumpur, iPrice is Southeast Asia’s leading product discovery and price comparison platform. iPrice has reorganized its business to establish three different units, which are electronics, fashion, and commercial content to support its next phase of growth.

“As shoppers gravitate towards ecommerce, they will look for easy and comprehensive solutions to help them find what they want,” explained Chmelar. “Our vision is to be the destination where people start their online shopping.”

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