E-commerce biz iprice gets $550k seed funding from Asia Venture Group

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iprice website
iprice website

Malaysian e-commerce startup iprice Group has received $550,000 in seed funding from Asia Venture Group (AVG) to set up the largest one-stop online shopping community in Southeast Asia.

The company said on its website that it has received help and funding from AVG, whose previous investments include iMoney, Trusted Company and Happy Fresh.

The strategic investment has allowed for iprice to “quickly acquire international know-how, expertise and talent in fields ranging from technology over online marketing to the business side of things”.

Headquartered in Kuala Lumpur, iprice said it has quickly grown into the leading platform for online shoppers across seven markets, namely Malaysia, Singapore, Indonesia, Philippines, Hong Kong, Thailand and Vietnam. It said its traffic has been doubling every month.

Co-founder and CTO Heinrich Wendel said that the idea of the website was to create the most delightful online shopping experience by giving shoppers an intuitive and visual way to discover products.

iprice shoppers can browse through more than three millions products by categories, from 10,000 local and international brands, sourced through trusted online stores such as Lazada, Zalora, Groupon, Expedia and Food Panda.

All products are automatically linked to special promotions and coupons that are offered by the respective e-commerce stores.The company aims to double down on its machine learning algorithms to further improve the “smart search” and provide individual recommendations according to the user’s browsing behavior.

“Whereas other sites in the space are all about comparing prices, we focus on narrowing down the vast amount of products to your personal preference. No matter you are looking for a blue and black dress, three-inch high heels, a solid backpack, or a classic Chesterfield sofa, we will show you where you can get the best offer,” he said.

For partner e-commerce stores, iprice provides extended reach to new markets that will help grow customer base.

Tito Costa, managing director for Asia’s leading online fashion marketplace Zalora Group described iprice as a strong affiliate partner.

“iprice helps online shoppers to find what they have been looking for and to discover new products. They send high converting traffic to Zalora across the Southeast Asia region and drive our revenue significantly,” he said.

AVG is a hands-on, private Internet holding company that focuses on long-term value creation in Southeast Asian online markets.

Targeting the sweet spots of the region’s Internet space in chosen verticals by combining: state of the art international know-how and expertise, rigorous execution excellence, the best local partners and international management talent.

AVG targets digital distribution models and is extremely selective in terms of the companies it supports, which allows strong engagement in day-to-day operations.

Also read: Evoucher secures pre-Series A funding from VITI 

Livaza raises undisclosed seed round from East Ventures

Shopback secures $600k seed funding from East Ventures & Accel-X

Grocery shopping app HappyFresh launches in KL, eyes Jakarta