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.

Also read: Thai startup STYLHUNT raises $500K in pre-Series A from CyberAgent, 500 TukTuks, others

Mobile app data platform App Annie raises $63M in Series E funding led by Greenspring

 

 

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.

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.