Save22, a Singapore-based price comparison startup which has a presence in the Philippines as well, has just received a “mid six figures in Singapore dollars” investment round from a group of investors. According to TechCrunch, the funding round was led by Crystal Horse Investments, and participated by Malaysia’s Nuffnang, Singapore based Strategia Ventures and Indonesia based Little Lights Capital.
Save22, a three year old startup, aims to help you make better purchasing decisions as a consumer through its price comparison app. With a current database of about 500,000 products, Save22 collects data of goods sold at retail outlets from both retailers and mobile app users. Save22 also deploys its own staff to actively index prices of popular goods.
Chun Dong Chau, an investor with Crystal Horse, told TechCrunch that the company was picked because of its engineering team. He claims that Save 22′s data engine on the backend mines data collected from retail partners’ catalogs. Compared with other price comparison websites, which just provide lead generation back to retailers, Save 22 is expected to develop an additional revenue stream from offering some data analytics back to third parties.
It is interesting to note that the investment round consisted of a regional board of investors. While Save22 also has a presence in the Philippines, no local investors were included in the current round.
Back in February, Semantics3, another Singapore-based company, was accepted into the latest Y Combinator class with its price comparison API. Semantics3 indexes several e-commerce sites online and provides a self-serve API so developers can tap into the constantly updated database of consumer products. This allows developers to have access to detailed data for products sold on the web, including price histories, model, color, dimensions et cetera.
In Singapore, Indonesia and Phillipines, Save22 is also competing with Rocket Internet backed PricePanda. While PricePanda is a web app, it works with e-commerce partners and indexes their price so that users can have a big picture view of the different price points of popular products. PricePanda also focuses more on electric and digital products, while Save22 indexes products from a wide range of categories, mostly household goods.
Semantics3, PricePanda and Save22 are definitely mining valuable data points which when analyzed properly, offers invaluable insights which can be monetized at a premium price point.
Save22 was founded by Shen and Ronald Cheung, in March 2010 and currently has nine employees, including its two founders.