E-commerce marketplace and deals aggregator iprice has raised US$1.2 million in its second round of seed funding, it announced today.
Asia Venture Group (AVG), an existing investor, led the round, with participation from 500 Startups, IMJ Investment Partners, Venturra, F2 Capital and Startstrike Ventures.
This brings the total amount raised for iprice to US$1.75 million, as the company targets a Series A round next.
“Internet consumption in Asia is heavily driven by mobile platforms, and our traffic data firmly backs this up. Apportioning part of this funding to enrich the mobile viewing experience is, in our opinion, the most logical way to grow,” said David Chmelar, Chief Executive Officer and Co-founder of iprice group.
Besides the planned mobile enhancements, price group, which was founded in October 2014, and currently registers over one million visits a month from its portals catering to the Malaysian, Indonesian, Singaporean, Vietnamese, Thai, Philippine and Hong Kong markets, is also extending its coupon and deal serving capabilities to media publishers around the region.
The company has already established exclusive partnerships with two media groups in the region — REV Asia in Malaysia and Rappler in the Philippines — and is actively looking to grow this number.
“Partnerships with media networks allow iprice to address an even wider audience. This not only builds more traction with the consumer, but also helps iprice to grow its merchant network by offering more coverage for their products and deals,” added Kai Kux, Managing Director of AVG. “By fully doubling down on increasing traffic and growing our revenues, our next milestone will be receiving Series A funding.”