Priceza, a shopping search engine and price comparison platform in Southeast Asia, has secured a “seven-figure USD range and significantly higher than Series A funding” in Series B round from German media giant Hubert Burda Media (HBM).
The investment was made through HBM’s VC arm Burda Principal Investments (BPI).
Founded in 2010 by Thanawat Malabuppha, Vachara Nivataphand and Wirod Supadul, Thailand-based Priceza operates in six countries (Thailand, Indonesia, Malaysia, the Philippines, Singapore and Vietnam) with over 13 million monthly visitors.
The platform has a product database of over 59 million items. In Thailand alone, Priceza has over 7.5 million monthly active users.
Priceza CEO Malabuppha said: “For Priceza, it’s a significant milestone; recognition as a strong, international tech-based company. Being backed by a strategic, global investor like HBM, who shares our mission, enables us to leverage their digital expertise and in depth media understanding to deliver the best online shopping services to consumers across SEA.”
Hubert Burda Media, headquartered in Munich, is an international technology and media company with over 540 brands and products that are oriented to the needs of consumers. Burda has 175 million users and approximately 60 million paying consumers. Burda is active in 19 markets in Europe, the US and Asia.
Set up in 2015, BPI offers long-term growth equity for fast-growing digital technology and media companies.
Burda’s portfolio companies include etsy.com (invested since 2006) or Xing (invested since 2009).
“We are looking at increasing our investments in SEA and Priceza seemed a natural choice because of how it has grown from an idea from three Thai computer engineers in 2010 to a high-profile platform spanning 6 countries,” said Fredrich von Scanzoni, CEO at Burda Asia.
“This is in alignment of our strategy to invest in a great team and in a robust e-commerce ecosystem. We have been investing in e-commerce companies for the past 20 years and understand the price comparison space very well. With Priceza joining our portfolio, they will bring deep insights into the region and together we can build Priceza to be a significant player and market leader in SEA,” said Friedrich.
According to the Euromonitor, Bofa Merrill Lynch’s eCommerce Report, e-commerce shopping accounts for a mere 1-2 per cent of total retail sales in Southeast Asia, compared to 16 per cent in Korea, 9 per cent in the US and 8 per cent global average.