Thailand e-commerce platform secures Series B

Financial details have not been disclosed but the investment is understood to be between $1-10 million. CyberAgent's initial commitment in 2013 was said to be less than $1 million.

The capital will be used initially to consolidate the company's presence in Southeast Asia before pursuing long-term expansion plans outside of the region.

Founded in 2010, Priceza operates a shopping search engine and price comparison website in six Southeast Asian countries. The company has a product database of some 59 million items and claims to service more than 14 million customers per month. This includes 3.3 million visitors per month in Thailand, representing an 85% share of the domestic market, according to Forbes.

"E-commerce shopping accounts for a mere 1-2% of total retail sales in Southeast Asia, while we see 16% in Korea, 9% in US and 8% global average," Thanawat Malabuppha, Priceza's co-founder and CEO said in a statement. "With the growing ecosystem, and global player HBM backing us, Priceza is set for rapid growth."

HBM is investing via its venture arm, Burda Principal Investments, which has prioritized Southeast Asia in recent months. In June, the firm backed Golden Gate Ventures' $60 million fund, which is focused on the region's mobile internet sector. This followed participation in a $2.5 million investment round for Thai clinical services marketplace Medical Departures alongside CyberAgent, DMP and OPT SEA.

CyberAgent launched a $50 million fund focusing on Southeast Asia start-ups last year.

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• Topics
• Southeast Asia
• Early-stage
• Consumer
• Technology
• Trade sale
• Thailand
• Europe
• CyberAgent Ventures
• TMT