Malaysia’s iPrice Group bags funding from Korean internet giant Naver

iprice on mobile, image from company.

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.

Also Read:

Malaysia: iPrice Group raises fresh round from LINE Ventures, existing investors

Malaysia: iPrice closes $4m Series A led by Asia Venture Group

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.