David_Chmelar_Co-Founder_CEO_iPrice_Group

David Chmelar, Co-Founder and CEO of iPrice Group

Southeast Asian e-commerce group, iPrice Group, has raised an undisclosed sum in fresh funding led by LINE Ventures, the corporate venture arm of Japan’s LINE Corporation.

Existing investors, including Cento Ventures and Venturra Capital, also returned to co-invest in this round.

Kuala Lumpur-based iPrice said in statement that the fresh funding comes as it is on track to reach more than 150 million visitors this year on the back of the fragmented e-commerce market and the increasing online savviness of Indonesian shoppers.

Founded in October 2014, iPrice operates in seven markets – Malaysia, Singapore, Indonesia, Philippines, Thailand, Vietnam, and Hong Kong.

Over the past 12 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.

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“In the next few years, online shopping will become part of everyday life for everyone in Southeast Asia. Our vision is to be the destination where people start their online shopping,” said iPrice Group CEO David Chmelar.

“iPrice, which is riding the explosive growth of e-commerce in Southeast Asia, has the most promising team with the right talents, technology, and operational excellence in the region,” June Cha, General Manager of LINE Ventures said.

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.