Southeast Asia e-commerce aggregator iPrice Group has raised an undisclosed sum from JG Digital Equity Ventures (JGDEV), the corporate venture capital arm of the Philippines-based conglomerate JG Summit Holdings, Inc.
The additional funding forms part of iPrice Group’s Series B round.
In March this year, the e-commerce aggregator announced raising $10 million in its Series B funding round led by ACA Investments, a Daiwa-linked fund management company. The round was also participated by Daiwa PI Partners, LINE Ventures and Mirae Asset-Naver Asia Growth Fund.
“iPrice has a unique approach. It doesn’t aim to compete with other players, but instead, it enables these players to have more channels. As a result, it connects them to more consumers. iPrice enables consumer transactions to be deeper and wider through its comprehensive understanding of the digital economy,” JGDEV President and CEO Jojo Malolos said in the press statement.
The funding is expected to boost opportunities for the iPrice Group to serve customers of the Philippine conglomerate’s group ecosystem, per the statement.
Initially, it will partner with RewardsMart in the Robinson Rewards mobile app and Summit Media’s online domain PEP.ph. iPrice and JGDEV will explore more partnership opportunities across the Gokongwei Group ecosystem, the statement added.
iPrice allows Robinsons Rewards users to access millions of products from thousands of merchants across the Philippines while PEP.ph readers are able to access exclusive online coupons and promos in a wide range of categories.
“iPrice’s value proposition is focused on helping shoppers navigate the complex and often confusing e-commerce space. We have previously provided services to users searching for options in Google. Given many consumers start their e-commerce journeys in other places we are providing the same services to partners. With the breadth of JGDEV’s businesses, there is a multitude of opportunities for cooperation,” iPrice group CEO Paul Brown Kenyon said.
The Malaysian startup raised an undisclosed round from Korean internet giant Naver in August 2018. Its other early investors include regional venture capital firms, Cento Ventures and Venturra Capital.
