Kuala Lumpur-based online shopping platform, iPrice has raised an undisclosed amount of funding in a Series B funding round, led by JG Digital Equity Ventures (JGDEV) and ACA Investments along with participation from Daiwa PI Partners, LINE Ventures, Mirae Asset-Naver Asia Growth Fund.
Proceeds from the funding round will be used to enter into the vast e-commerce market of the Philippines and develop its current platform.
iPrice was founded in 2014 by David Chmelar and Heinrich Wendel. It offers an online shopping website that exposes consumers to an extensive selection of goods and products from hundreds of its partners in Southeast Asia. The startup understands the significance of saving time and money and hence gives customers the benefit of comparing prices of products from its partners. Other essential information such as delivery time and costs, payment options and great coupon deals are also readily obtainable.
It collaborates with other companies after a series of stringent selection processes. This is done to ensure that shoppers get high-quality products and reliable customer service.
With the click of a button, a regular shopper can search for products, compare prices and save money with great deals, all with the help of the iprice shopping site.
It has already signed contracts with home-grown companies such as RewardsMart in the Robinsons Rewards mobile app and Summit Media’s online domain PEP.ph, with the help of JGDEV. It intends to discover more prospects across the Gokongwei Group of Companies, a VC firm fixated towards e-commerce.
iPrice currently operates in 7 countries which include Singapore, Indonesia, Thailand, Philippines, Vietnam, and Hong Kong, and, of course, Malaysia. It claims to have over 46 million monthly visits on its shopping website every month and hosts over 3.2 billion products there. It currently has 219 employees and 1500+ partners.
JGDEV President and CEO Jojo Malolos were quoted to say, “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. It enables consumer transactions to be deeper and wider through its comprehensive understanding of the digital economy.”
About JG Digital Equity Ventures
Philippines-based JG Digital Equity Ventures Inc. is the corporate VC arm of JG Summit Holdings, Inc. It is one of the largest corporations which looks to invest in sectors such as air transportation, banking, food manufacturing, hotels, petrochemicals, power generation, real estate, property development and telecommunications. JGDEV mainly invests in tech startups in their early to growth stages focusing on the Southeast Asian market, and more significantly, led by founders who have the right tactical mindset, are zealous, good problem-solvers, excellent in implementation and have high integrity.
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