Indonesia-based live streaming auction platform Wowbid has secured a pre-series A funding round of $5 million from a local investment holding firm Envy Management Konsultasi.
Following the deal, the company will look to expand its operation into other Southeast Asian markets including the Philippines, Malaysia, Singapore, Thailand, Vietnam and Myanmar, according to an official statement.
Wowbid claims to be the first live streaming auction in Indonesia. The startup, which launched its app on Android last year, offers e-commerce customers a new online shopping experience through a live auction video, which will enable users to purchase a wide range of e-commerce goods below the market price.
The company says its service attempts to capitalize on the popularity of videos among smartphone users.
“People’s interest towards video content is an opportunity that e-commerce players have not paid much attention to,” said Wowbid founder and CEO Rafli Ridwan.
Users can take part in the live auctions by purchasing e-coins on the Wowbid platform, which hold daily auctions selling a variety of products ranging from gadgets and electronic goods to beauty and fashion items.
Having received positive response from the Indonesian market, Wowbid plans to expand into another neighboring country by the end of 2019. According to CMO Ayu Soetopo, the company is confident its service will also be well-received in other Southeast Asian markets as they have similar traits and characteristics as its home market of Indonesia.
The fresh capital from Envy is the second investment received by the company, having previously raised a funding of $2 million from Malaysian firm Aquifer Limited in November 2018.