Singtel Innov8, InVent invest in Thai social commerce platform ShopSpot

Image from ShopSpot

ShopSpot, one of the Southeast Asia’s leading social commerce platform, has raised an undisclosed Pre-Series A funding round from InVent, venture capital arm of Intouch Holdings Pcl, and Singtel Innov8 Pte Ltd.

ShopSpot, which has created a platform for design enthusiasts, claims to have over 1.5 million visitors per month in 2015.

It is looking for a bigger play in the regional e-commerce ecosystem and support Thai brands’ aspirations to go global.

“We [InVent and Singtel Innov8] believe that ShopSpot is a company with great potential to expand rapidly in Thailand and Southeast Asia,” Thanapong Na Ranong, vice president of InVent, said at a press conference.

ShopSpot is the eighth startup that InVent has invested in. The startup is also in the process of raising Series A, which is expected to be closed soon, Thanapong added.

“The foreseeable benefits of this investment include the synergy that ShopSpot can provide for Intouch Group and InVent’s portfolio companies. AIS customers, for example, can enjoy shopping online via social commerce and conveniently make payment through mPAY.”

Apart from the app development, ShopSpot will use the funding to introduce “ShopSpot Ecosytem: a 360-degree integrated services” this year to help sustain clients’ long-run growth.

This ecosystem will enhance the collaborations with its major partners including AIS, mPAY, Glurr, Shippop, Yopacking and ZipEvent.

“This year ShopSpot has worked hard to cater to the changing needs of social commerce space.  We have developed new capabilities to enhance the ShopSpot experience by streamlining the on-boarding process for new stores and developing a store self-management system for merchants,” Chawanop Witthayaphirak, CTO and Co-Founder of ShopSpot, said.

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