Naver Corp, South Korea’s leading search engine and parent company of mobile messenger app LINE, has invested an undisclosed sum in iPrice Group, which operates product discovery and comparison sites across Southeast Asia.
Naver’s direct investment comes only three months after Kuala Lumpur-headquartered iPrice Group raised an undisclosed in Series B round led by LINE Ventures, the corporate venture arm of Japan’s LINE Corporation.
“As per last funding announcement, we are doubling down our investments in the Indonesian market and keep on improving the user experience, especially in our two core verticals — fashion and electronics,” iPrice Group CEO and Co-founder David Chmelar told e27.
Founded in October 2014, iPrice operates in seven markets – Malaysia, Singapore, Indonesia, Philippines, Thailand, Vietnam, and Hong Kong 100 per cent focused on the seven markets at the moment. “It’s really day one for us and for the whole e-commerce market in Southeast Asia. Just consider that the e-commerce market in Southeast Asia doubled in size in the past two years (from US$5 billion to US$10 billion) and is expected to reach US$90 billion in 2025 as per last Google-Temasek study,” he added.
Over the past 15 months, iPrice secured strategic business-to-business partnerships with some of the biggest media groups and brands in the region, including Mediacorp in Singapore, Thairath in Thailand, and Samsung in Indonesia.
Since its Series B funding, iPrice claims to have grown the number of monthly users to a further 50 per cent, mainly driven by its Indonesian market.
Previously, in December 2016, iPrice secured a US$4 million Series A funding led by Asia Venture Group and Venturra Capital. Prior to this, it has raised two round of funding — US$1.2 million in 2015 and a US$550,000 seed investment.