PricePanda gets $3m from Tengelmann for SE Asia expansion

Since it was launched in 2012, PricePanda claims to have redirected 1 million users to other stores' websites. The site earns money through cost-per-click advertising from merchant partners and offers comparisons of more than 70,000 products across 100 categories.

"With an expected number of 360 million internet users by 2020 and an ever growing number of e-commerce stores in Southeast Asia, the need to keep an overview about the heavily increasing amount of offers on the internet is greater than ever," the company said in a statement.

Christian Schiller, co-founder and managing director at PricePanda, said the funding will enable the company to grow in existing markets and expand into new ones, scale operations and continue to enhance services.

PricePanda's other existing investors include Investment AB Kinnevik and Rocket Internet.

Tengelmann has previously backed other Rocket ventures in the region, including fashion retailer Zalora and online shopping mall Lazada. These operate in Thailand and Vietnam, in addition to the four countries PricePanda is currently in.

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• Topics
• Southeast Asia
• Consumer
• Technology
• Rocket Internet
• Indonesia
• Singapore
• Malaysia
• Philippines
• TMT
• Consumer