Malaysia-headqauartered online shopping aggregator iPrice Group has raised an undisclosed amount in funding from JG Digital Equity Ventures (JGDEV), the corporate venture capital arm of Philippines-based JG Summit Holdings.
This is the continuation of the group’s Series B Investment, which was announced in March this year. The round is led by ACA Investments with participation from Daiwa PI Partners, and returning investors LINE Ventures, Mirae Asset-Naver Asia Growth Fund.
Also Read: Southeast Asian e-commerce group iPrice raises funding from LINE’s corporate VC arm
This financing will allow the group to tap into the Philippines’s large e-commerce market and enhance its current product.
With the help of JGDEV, iPrice has already secured partnerships with local companies such as RewardsMart in the Robinsons Rewards mobile app and Summit Media’s online domain PEP.ph. It plans to explore more opportunities across the Gokongwei Group of Companies (a VC firm focussed on e-commerce).
iPrice is a meta-search engine that helps customers find a wide selection of products and brands from hundreds of its partners in Southeast Asia.
“iPrice has a unique approach. It doesn’t aim to compete with other players, but instead, it enables these players to have more channels. As a result, it connects them to more consumers. It enables consumer transactions to be deeper and wider through its comprehensive understanding of the digital economy,” said JGDEV President and CEO Jojo Malolos.
Besides Malaysia, the group also operates in Singapore, Indonesia, Thailand, Philippines, Vietnam, and Hong Kong, and claims to have about 20 million monthly visits across the region.
While COVID-19 has affected almost all the industries globally, e-commerce has largely been spared and it has shows immense resilience and continues to grow strong.
According to a Google-backed report, Southeast Asia’s e-commerce industry is predicted to reach US$180 billion by 2025. With e-commerce’s recent accelerated adoption, the industry is expected to experience an even stronger boost.
Also Read: Roundup: E-commerce enabler iPrice Group names new CEO
iPrice recently appointed Paul Brown-Kenyon as its new CEO.
—
Image Credit: iPrice
The post iPrice adds more funding into Series B to accelerate growth in Philippines appeared first on e27.