WEBUY
WEBUY

Singapore-based social e-commerce startup WEBUY has raised US$ 6M in a Series A round of funding, led by Wavemaker Partners. Other investors who participated in the funding round include Centauri Fund, KB Financial Group, and Global Founders Capital (GFC). The latest round brings WEBUY’s total funding raised so far to US$ 9M.

Proceeds from the funding round will be used by the startup in increasing its headcount, augmenting its data-driven platform and further expanding its reach into Southeast Asia, beginning with Vietnam and the Philippines.

WEBUY was founded in 2019 by a group of experienced e-commerce entrepreneurs, including Vincent Xue and Bin Xue. The startup provides reasonably priced local food and beverage (F&B) products through its platform that operates on a group buying model. Its unique model of group buying enables people living close to each other to purchase various types of food and groceries as a group, collect them at selected locations and in the process, save money through bulk purchase and low delivery expenses. It also helps small merchants launch innovative and unique products in the market in small quantities in order to test their effectiveness.

WEBUY strives to make social shopping a new lifestyle for everyone, by giving them a good experience and charging less for more value without any hassles. The startup also operates in Malaysia and Indonesia. It claims to have grown 5x since its previous fundraise and is currently supporting 3K group leaders. These leaders assemble and purchase orders for over 100K consumers across WEBUY’s three markets. Its mobile app was launched in August 2020.

WEBUY
WEBUY

The startup has partnered with multiple organizations, such as the Taiwan Trade Center Singapore, to offer consumers inexpensive, top quality, international and local F&B products. Group leaders frequently update their community of buyers with the latest offers and new products that are released.

“WEBUY’s lead in this unique social movement within SEA’s e-commerce industry excites us to be a part of this new age of shopping, where community interactivity, good value and convenience converge,” said GavinLee, General Partner at Wavemaker.

WEBUY also plans to partner with TikTok-owned ByteDance to fast-track its social competences in Q1 2021. More details regarding this partnership are anticipated to be released soon. The startup raised an undisclosed amount in its first funding round held in February 2020, from Global Founders Capital (GFC) and various other investors.

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Aishwarya writes about the startup ecosystem on VCBay. She is a third-year Computer Science engineering student who looks forward to exploring the world of startups and finance.

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