iPrice, an e-commerce platform, has raised US$4 million in Series A funding round. The investment was led by Asia Venture Group (AVG) and Venturra with participation by Gobi Partners, DMP, Econa, Starstrike Ventures and personal CEO investment.
“Our ambition is to become the primary gateway to online retail in Southeast Asia. The size and technology behind our product catalog, together with our unmatched monetization capabilities, allow us to look at horizontal and vertical expansions to capture additional market opportunities,” said David Chmelar, CEO, iPrice Group.
“Much remains to be done to make online retail easier for consumers, from Kuala Lumpur to Manila, and iPrice is paving this path,” David added.
The Kuala Lumpur-headquartered company is also planning to open up its fully monetized product catalog to publishers and third-party websites with a customizable suite of tools, designed to drive their revenue potential.
“Given the combination of e-commerce hyper growth, the solidity of iPrice’s business model, and the unique execution skills that the team has demonstrated, iPrice will become one of the largest and most profitable company emerging from Southeast Asia’s e-commerce landscape,” said Tim Marbach, CEO and Founder, Asia Venture Group.
iPrice recently added two key members to its leadership team — Konstantin Lange as COO and Matteo Sutto as SVP of Growth. According to the company, it has expanded at an accelerated rate, with its traffic jumping over 500% in the past 12 months since its last funding.
Subscribe to our newsletter
Get the latest posts delivered right to your inbox.