Singapore-based Appboxo today announced that it has raised a US$7 million Series A funding round led by RTP Global.
Existing investors such as Antler and 500 Southeast Asia, as well as new investors SciFi VC, Gradient Ventures (Google’s AI-focused venture fund), and business angels Huey Lin and Kayvon Deldar also participated in the funding round. This funding round marks SciFi VC’s first investment in Southeast Asia.
Appboxo plans to use the funding to develop Shopboxo, a platform that helps entrepreneurs, brands and SMEs create online stores to offer their goods and services directly to consumers; expand its merchant ecosystem by bringing more businesses to the app, and build out its international partnerships and presence.
With its global expansion plan, the company plans to initially focus on the Asia Pacific region, followed by Europe and the US.
Appboxo provides a platform for developers to create mini apps to be turned or integrated into super apps. Example of mini apps includes mobile wallet platforms that can be integrated into larger e-commerce or lifestyle platforms.
In 2021, WeChat, one of the biggest super app platforms in the world, reported a 12.5 per cent growth in daily active users of its mini app services, bringing the total active user count to a remarkable 450 million.
In addition to Shopboxo, Appboxo also offers Appboxo Miniapp Platform which aims to simplify the process of transforming any app into a super app with user-friendly software development kits (SDKs) and application programming interfaces (APIs).
The startup was established in 2019 by founders Kaniyet Rayev (CEO) and Nursultan Keneshbekov (CTO). It counted companies such as GCash, Paytm, and VodaPay.
“The last couple of years have been incredible for us, and we are continuing to gain momentum as we head into the new year with our Series A funding. We have built a strong global team with fantastic experience behind it and can’t wait to dive into strengthening our products, scaling our business, and establishing new partnerships across the globe in 2022. We are grateful to all our investors for their trust and support,” said Kaniyet Rayev, Co-Founder and CEO of Appboxo, in a press statement.
In December 2020, the company announced a US$1.1 million seed funding from Founders Fund and 500 Startups.
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Image Credit: Appboxo
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