iPrice Group Raises $1.5 Mn From Woowa Brothers
The Malaysia-based company will utilize the fund to refine further its product and accelerate the rollout of partnerships
Southeast Asia's (SEA) online shopping companion, iPrice Group, announced on Wednesday that it has raised $1.5 million from South-Korea-based foodtech company, Woowa Brothers. This is the second funding received by the region's e-commerce aggregator amidst the global pandemic as it works towards a Series C funding round.
Woowa Brothers decided to fund iPrice given its robust performance and unique position in the industry as a preeminent e-commerce aggregator platform, the establishment shared.
"As the SEA's e-commerce market develops, the competition among e-commerce platforms is intensifying, and the number of sellers is increasing. We believe that iPrice's role of helping users find the right platform and save money will continue to be vital to the region," said Joshua Dhong, senior investment associate, Woowa Brothers.
iPrice Group is on a mission to bring a greater level of transparency, convenience, and trust to consumers in SEA to help consumers save money. Instead of going through multiple marketplaces to find the best deal, users can instantly access six billion offers from more than two million sellers on a single platform. They can save money by comparing products, prices, sellers’ reputation, and delivery conditions all in one place.
User preferences have evolved over the last years, today they expect seamless shopping experiences through platforms they’re engaged in. “Consumers increasingly expect shopping experiences embedded in their phones – be it in various apps or even in the native camera apps for visual shopping,” stated Paul Brown-Kenyon, chief executive officer, iPrice Group. Continuing, “We, therefore, built a product to bring e-commerce to those places, becoming the prime partner for leading platforms and super apps in the region.”
Currently, iPrice Group has successful partnerships with the likes of Home Credit (Indonesia), Thairath (Thailand), GoRewards (Philippines), Boost (Malaysia), ViSenze (Singapore), or for example SmartPay (Vietnam).
With this funding in place, iPrice is working towards a Series C funding round. The Malaysian-based company will utilize this to refine further its product and accelerate the rollout of partnerships.