IPrice gets fresh funds from Line Ventures

KUALA LUMPUR: iPrice Group, Southeast Asia’s leading product discovery and price comparison platform, has raised a new round of funding from Line Ventures, with participation from Cento Ventures and Venturra Capital.

Line Ventures is the corporate venture arm of Line Corp, which is listed in New York and Tokyo.

The company’s business is mainly associated with the development of mobile applications and Internet services.

“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. In turn, they will become the first destination in the online shopping journey in Southeast Asia,” said June Cha, general manager of Line Ventures.

Since the last funding round 1½ years ago, more than 50 million online shoppers had visited iPrice, said the company in a statement.

During the same period, iPrice’s product catalogue has expanded from few dozen millions to more than 500 million stock keeping units across seven markets — Malaysia, Singapore, Indonesia, Philippines, Thailand, Vietnam, and Hong Kong.

iPrice is on track to reach more than 150 million visitors this year, driven by the accelerating growth experienced in Indonesia — its electronics segment in particular — which grew 30 times in the past 12 months.