iPrice, a service that aggregates Southeast Asia’s
e-commerce websites in a single destination, has pulled in new funding led by
messaging app Line’s VC arm, Line Ventures.
The round is officially undisclosed, but TechCrunch
understands from a source close to negotiations that it is worth around $4
million. Existing iPrice backers Cento
Ventures (formerly known as Digital Media Partners) and Venturra Capital also
took part in this round.
iPrice, which has its HQ in Malaysia, Kuala Lumpur,
previously raised a $4 million Series A in late 2016. Today’s investment takes
the startup to $9.7 million raised overall.
The company was started in 2015 in response to the growing
number of e-commerce companies in Southeast Asia, and in particular the
increasing number of vertical-specific options. Even though there are some
giants, such as Alibaba’s Lazada, the region has a number of smaller players
that can struggle for visibility. iPrice was initially a coupon site, before
pivoting into an aggregation model which essentially acts as a destination for
shoppers to then go on and purchase items from e-commerce retailers.
In a way, it is much like flight booking sites — such as
Skyscanner — which ask a customer where they want to go before scouring the web
for the best travel deals. iPrice does this for e-commerce in Southeast Asia.
It hopes that simplifying things through a single destination portal can make
it the go-to online buying site for the region, which now has over 330 million
internet users — more than the population of the U.S. — according to a recent
report co-authored by Google.
iPrice on the web, although its mobile app and mobile
browser version are more used
Today, iPrice claims to offer over 500 million SKUs across
Malaysia, Singapore, Indonesia, Philippines, Thailand, Vietnam, and Hong Kong.
The company said that over 50 million people visited its site since December
2016, and this year alone it is aiming to grow to 150 million visitors.
The company said electronics has been a particular driver
while, outside of working with e-commerce firms to drive business, it has
developed a B2B business with media groups and brands, including Mediacorp in
Singapore and Samsung in Indonesia, who pay to tailor its service. Last year,
it developed an insightful report on the state of e-commerce in Southeast Asia.
The deal makes sense for Line Ventures because of the unique
vantage point that iPrice occupies, while it also ties into parent company
Line’s desire to go beyond being a messaging app and build out a mobile
ecosystem. That’s seen it develop services such as food delivery, ride-hailing,
payments and e-commerce, although it has struggled in the latter category. A
relationship with iPrice might give it greater insight for future e-commerce
ventures in Southeast Asia.
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