Mini-app Platform Appboxo Raises $1.1 Mn In Seed Funding
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Singapore-based company Appboxo has told on Monday to have secured $ 1.1 million in seed funding led by FF APAC Scout, a Founders Fund scout vehicle, 500 Startups Southeast Asia focused 500 Durians fund, Plug and Play Ventures, and Antler.
The platform enables any app to become a super app by providing integration software to allow the launching of mini-apps within other native super apps. Through such integrations, the startup aims to act as a link and create an ecosystem of interconnected mini-apps, allowing for global partnerships across industries.
Established in 2019 by founders Kaniyet Rayev and Nursultan Keneshbekov through the Antler Singapore program, the platform claims to help mobile wallet platforms that can integrate e-commerce and lifestyle apps such as food delivery and restaurant reservation services under their umbrella, ride-hailing and lifestyle apps can include financial services on their platforms; and media companies can partner with ecommerce services.
“Appboxo is in a unique position to revolutionize the mobile app space via its platform. India is the second country in the world widely adopting mini-apps as a new digital channel after China. PhonePe, Paytm and Google Pay all launched their own mini-app platforms and show good results in terms of mini-app engagement and adoption. Our vision is to democratize this space and enable any app in India to become a super app and offer multiple services via our platform. We are excited to continue growing our platform with new partners across industries,” explained Kaniyet Rayev, chief executive officer, Appboxo.
There is an important and growing reliance on mobile apps in emerging markets which presents a significant opportunity for the platform and its partners.
According to Rayev, companies in regional markets such as Indonesia might miss out on opportunities for integrative technology such as mini-programs, which was pioneered by WeChat and later picked up by other giants such as Alipay, Baidu, and Bytedance. The platform fills this gap in the market and is suited to meet the growing trend and demand for facilitating the integration of third party services within apps.
“Many companies have lots of users but need additional ways to properly engage and monetize them, while many smaller apps have the opposite problem. Connecting these players through a mini-app ecosystem is a gigantic win-win situation, but right now only the largest tech companies can afford to invest the necessary resources to build out their own mini-app ecosystem. I'm excited to back a team who understands both the tech and the business side of these dynamics and who are stepping up to build a gigantic cross-platform mini-app ecosystem,” said Jeff Lonsdale of Founders fund APAC Scout.
Appboxo also partnered with major enterprise partners such as banks, telecoms, and mobile wallets to turn their apps into super apps.
“We are excited to work with excellent founders to help them realize their vision of disrupting the tech industry. Appboxo is well primed to facilitate global partnerships between companies in various industries. In the current market of super apps such as WeChat and Alipay, Appboxo offers the opportunity for any app to follow in their footsteps. This would cater to the growing consumer need for an efficient and integrated user experience,” remarked Vishal Harnal, general partner, 500 Startups.
The startup counts Booking.com, Klook, Zalora, and multiple other global companies as their partners.
"We love the vision that the Appboxo team has, which is to be a global distribution system (GDS) for mini-apps that helps globalize app capabilities with their inner connectivity services for any major application in the market," added Alireza Masrour, general partner, Plug and Play Ventures.
Appboxo further plans to use raised funds to scale its platform and further develop its proprietary technology and to add new mini-apps in travel, ecommerce, finance, and lifestyle industries to cover more use cases for integrations by super apps.
“This trend in super apps has been growing but only very large players have been able to create such integrated massive platforms. Appboxo is leading the way to democratize this space and let smaller businesses leverage on the super app phenomenon,” concluded Jussi Salovaara, co-founder and managing partner, Antler.