iPrice raises $550K

What does iPrice do?

iPrice, is the largest online shopping community in Southeast Asia. Online commerce giants such as eBay, Amazon etc are not completely present in Southeast Asia, has led to the glut of online shopping startups rising up in this area. It gets hard to keep up with all the options from big brands to small players, so this is where iPrice hopes to help. This Malaysia based startup is a single place where consumers can shop for products from a multitude of retailers.

How much iPrice was funded?

iPrice raised $550K in Seed round on May 21^st, 2015 from Lazada Group, Rocket Internet, ZALORA Group and Asia Venture Group

What is next for iPrice?

Initially the startup was focused on fashion, it has expanded into other verticals which includes jewelry, electronics and home and currently stocks over 3 million products. This differentiates itself from price comparison sites which focuses on discovering rather than the price, all thanks to the meta search and visual results.

iPrice CEO, Heinrich Wendel said that the company is trying to imitate the offline experience as much as possible. The company plans to use the latest funding raised to be spent developing the iPrice product, especially the search feature and its recruitment retail partners.

More about iPrice

iPrice was founded in 2014 by Heinrich Wendel and has its headquarters in Kuala Lumpur, Kuala Lumpur. It is the largest online shopping community in SE Asia. It is currently covering 6 countries in Southeast Asia and Hong Kong, which was first started as a coupon site and tags coupons into its deals. It was launched in easly 2015, but started ramping up things when its redesigned version went live in March. In the past 3 months it has handled $1 M sales. It raises money from the commission on purchases.