Indonesian VC firm East Ventures has led a $500,000 follow-on investment round into Airfrov, a Singapore-based P2P shopping platform. New investors also participated, including Carro CEO Aaron Tan, the company said in a statement.
Airfrov CEO and co-founder Cai Li said the company plans to enhance its product offerings and scale the development team after this new round of funding.
“Our team is working hard on new features to improve the process of buying and bringing unique overseas products for our users at an even faster rate,” he added, as per the company statement.
Airfrov is a mobile and online P2P marketplace that matches shoppers with travellers to bring unique items home from overseas. Launched in 2015, Airfrov has about 45,000 monthly shoppers and travellers actively requesting or helping with purchases. The platform discovers more than 1,000 new or unique overseas products every week through shoppers’ requests and traveller’s recommendations.
East Ventures had earlier invested an undisclosed amount in a seed funding round in the online P2P marketplace last year.
Willson Cuaca, managing partner at East Ventures, said his team is “very impressed” with the traction Airfrov has achieved.
“Cai Li and his team have built a platform that has a competitive advantage over other marketplaces,” Cuaca said.
At least one new request is posted on Airfrov platform every two minutes, and it takes just 3.5 minutes to receive a traveller’s offer when the new requests posted by shoppers are for items from popular countries such as Japan or South Korea.