Malaysia-based e-commerce aggregation service iPrice Group has raised a follow-on funding round from Korean internet giant Naver Corporation.
This May, iPrice had raised an undisclosed financing round led by LINE Ventures, the corporate venture arm of LINE Corporation, with participation from existing investors Cento Ventures and Venturra. LINE Corporation is the Japanese subsidiary of Naver.
“Naver doesn’t only operate the leading search engine in South Korea but has been also able to build an impressive shopping and price comparison engine in its domestic market. Given the wealth of experience and strategic value that Naver brings to the table, we couldn’t pass on the opportunity to welcome them as our latest investor,” said iPrice co-founder and CEO David Chmelař.
According to TechCrunch, the LINE Ventures-led round in May was around $4 million, similar to the amount iPrice raised in a funding round last December led by Asia Venture Group and Venturra Capital.
Headquartered in Kuala Lumpur, iPrice currently operates in Malaysia, Singapore, Indonesia, the Philippines, Hong Kong, Thailand and Vietnam.
According to its website, iPrice has over 11 million page visits every month. It claims to have grown the number of its monthly users by 50 per cent since its last funding round three months ago, driven mainly by growth in the Indonesian market.
The startup says it aims to reach more than 150 million visitors this year on the back of the fragmented e-commerce market and the increasing online savviness of Indonesian shoppers. Founded in 2014, it raised $1.75 million in two separate seed rounds in 2015. Chmelař joined the firm in late 2015 from Wüstenrot Financial Group in Austria.
Korea Stock Exchange-listed Naver operates a shopping and price comparison engine in South Korea, besides managing LINE and video messenger Snow. It was said to be the first Korean web service provider to develop its own search engine.