#Asia iprice raises US$4M Series A led by Asia Venture Group, Venturra Capital


CEO David Chmelar also claimed that iprice is on the way to reach break even and profitability


Malaysian e-commerce aggregate startup iprice announced that it has raised a US$4 million Series A led by existing backers Asia Venture Group (AVG) and Venturra Capital, Techcrunch has reported.

Gobi Partners, DMP, Econa and Starstrike Ventures also participated in the round.

iprice is an e-commerce aggregator startup which helps retail partners gain visibility, traffic, and sales. Some of its top partners include Zalora, Reebonz, Lazada, Qoo10, Berrybenka, WearYouWant, and many more.

There are plans for the company to use its data to introduce new features and services, including “affiliate revenue plans to help smaller media companies and independent bloggers.”

Also Read: EXCLUSIVE: Fashion & beauty app LYKE raises close to US$4M Series A led by Holtzbrinck Ventures

“We started with product discovery, learned it worked well and stated expanding it,” said iPrice CEO David Chmelar.

“We realised that what we now own is not the front end, but a huge sorted and cleaned out database that is unique to Southeast Asia … We see ourselves as a meta search platform, someone who will look for the best use of that data set for both consumers and sellers,” he further explained.

Chmelar also stated that there is a potential for the company to reach break even and profitability with the round, though he did not say when it is expected to happen.

Based in Kuala Lumpur, iPrice is currently available in six other Asian countries such as Singapore, Indonesia, the Phillippines, Hong Kong, Thailand, and Vietnam. It is currently run by “more than” 100 staffs.

In December 2015, the company raised a US$1.2 million funding led by AVG, with participation from 500 Startups, IMJ Investment Partners, Venturra Capital, F2 Capital and Startstrike Ventures. Previously it had also raised a US$550,000 seed funding in May 2015, also by AVG.

Image Credit: wavebreakmediamicro / 123RF Stock Photo

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