CyberAgent Ventures, the venture capital arm of Cyberagent, Inc today announced its plans to invest in Priceza Co., Ltd, a Thai-based startup which operates a price comparison website. The funding amount is undisclosed but said to be less than US$1 million.
In May 2013, Priceza started its expansion plans with an official launch in Indonesia and now sees over 100,000 visitors every month. According to the press release, the website now has about 3.8 million visitors every month, as of August 2013.
This investment in Priceza also marks CyberAgent Ventures’ first step into Thailand. The venture capital firm shared that it will “leverage various resources of the whole CyberAgent Group throughout Asia to greatly accelerate the growth rate of Priceza.”
Thanawat “Wai” Malabuppha, the managing director and co-founder of Priceza, also told us that the startup is looking at focusing on their main market, Thailand. Indonesia, on the other hand, is their first international expansion and has great potential in terms of population and Internet users. He then added, “When we are ready, we will be launching Priceza in other countries in this region also.”
Dung also added that he has plans for both regional expansion and local dominance for the startup.
Why CyberAgent Ventures?
Wai shared that they had launched the startup all the way back in 2010 when tech startups in Thailand were considered “not as sexy as of right now”. They received offers from several local and foreign angel investors and venture capitalists in the last three years but later decided that it is wiser to not settle for these deals. Meanwhile, he shared that looking for funding was taking up too much of their time – a valuable resource for startups.
Later, Priceza met CyberAgent Ventures and felt that it was something they should be looking at. Heading a team of 17 staffers, Wai said, “[... A]fter several discussions, we feel that we are just the right chemistry and we would love to partner in some way in order to boost up Priceza to grow more rapidly. We are not looking just the investment from VC but we expect to have strategic VC to help us grow more rapidly and make our vision to expand the price compare service across SEA region.”
CyberAgent Ventures also told us that there will likely be a new hire in Thailand very soon, and Dzung said that they are looking at setting up a Thai office by early-2014. The VC firm is setting its sights on popular online spaces like e-commerce, offline-to-online sectors and the mobile gaming market. Dzung concluded, “We are searching everything online that has potential of market size.”