Southeast Asia's E-Commerce Aggregator iPrice Raises US$ 10m in Series B Round
iPrice Group, which helps comparison shoppers in Southeast Asia by pulling together prices from different e-commerce platforms, has closed a $10 million Series B. Led by ACA Investments, the round also included participation from Daiwa PI Partners and returning investors Line Ventures, Mirae Asset-Naver and Asia Growth Fund, as reported by Digital News Asia.
According to Tech Cruch, the company’s last funding announcement, from Line’s venture capital arm, was in May 2018. Its new round brings iPrice’s total funding so far to about $19.8 million.
The company said it has more than 20 million monthly visitors and about 5 million transactions were made through its platforms in 2019.
iPrice will use its funding to develop product discovery features, including recommendations and professional product reviews. The platform currently partners with “super apps,” like Line and Home Credit, that offer a wide array of services through one app.
Kickstarted in 2014, iPrice is among the most prominent players in the Southeast Asian e-commerce market, listing about 1.5 billion products from more than 1,500 merchant partners across Indonesia, Vietnam, Thailand, Philippines, Singapore, Malaysia and Hong Kong.
“The e-commerce industry in Southeast Asia is at its emerging stage and we see its huge potential. iPrice Group will play an important role, especially with its comprehensive coverage of markets in Southeast Asia. It’s the prime gateway to online shopping,” says ACA Investments Pte Ltd Chief Investment Officer Tomohiro Fujita.
In 2019, iPrice’s platform recorded five million transactions and garnered more than 20 million monthly visitors. Considering the rosy outlook of Southeast Asian e-commerce – which is predicted to be a US$150 billion GMV industry by 2025, according to Google and Temasek – the Kuala Lumpur-based startup is set to continue its upward trajectory.