Singapore-based app integration platform Appboxo has raised US$ 1.1M in a seed funding round held in December 2020, led by FF APAC Scout, 500 Durians fund, Plug and Play Ventures, and Antler.
According to its press release, the startup plans to use the fresh capital to scale its platform and further develop its exclusive technology. It also plans to add new mini-apps in the areas of travel, e-commerce, finance and lifestyle to enable apps to become super apps.
Founded in 2019 by Kaniyet Rayev and Nursultan Keneshbekov via the Antler Singapore program, Appboxo empowers any app to become a super app by providing integration software to permit the introduction of mini-apps within other original super apps. With the help of such integrations, the startup aims to act as a bridge and create a network of interconnected mini-apps, enabling universal collaborations across industries. Through Appboxo, mobile wallet service providers can combine e-commerce and lifestyle mini-apps such as food delivery, online shopping and restaurant reservation services under their offerings, and more.
Kaniyet Rayev said Appboxo is in a unique position to transform the mobile app space through its solution. He further added that Asia is presently the fastest growing mobile app market, accounting for 50% of app installs by the end of 2020. Ultimately, the startup’s idea is to empower any app to become a super app and offer numerous services via its platform. According to him, companies in local markets such as Indonesia might fail to benefit from the opportunities for integrative technology such as Mini Programmes (lightweight applications operating within host apps), which was initiated by WeChat and later adopted by other titans such as Alipay, Baidu, and Bytedance.
Appboxo has several global partners such as Booking.com, Klook, Zalora, among others. It has also joined forces with major enterprise partners such as banks, telecommunication service providers and mobile wallets to convert their apps into super apps.
Jeff Lonsdale of Founders Fund APAC Scout said, many companies have tons of users but need supplementary ways to suitably engage and monetize them, while many smaller apps have the reverse problem. Linking these players through a mini-app network is a win-win situation, but right now only the major tech companies can afford to invest in the required resources to create their own mini-app ecosystem.
Vishal Harnal, General Partner at 500 Startups was quoted to have said, “In the current market of super apps such as WeChat and Alipay, Appboxo offers the opportunity for any app to follow in their footsteps. This would cater to the growing consumer need for an efficient and integrated user experience.”
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