GREE Ventures makes first Southeast Asia investment
GREE Ventures has made its first Southeast Asian investment by leading the Series B funding round in PriceArea.com, a price comparison website in Indonesia. Sony’s So-net Entertainment and East Ventures, a new and an existing investor, respectively, also participated.
The capital will be used to expand PriceArea's current operations and to develop innovative technologies for e-commerce and advertising solutions, according to a release.
Launched in May 2010, PriceArea.com has over five million product listings from more than 75,000 retailers in Indonesia. The company received its first round of funding in 2010 from Singapore-based East Ventures, which focuses on internet start-ups in Indonesia.
"We prefer teams that are not only successful in their own geography, but also are able to expand outside of that country," Kuan Hsu, a principal with GREE Ventures, told tech startup portal e27. "There are certain similarities within Southeast Asia when it comes to, for example e-commerce."
GREE Ventures currently has $25 million earmarked for deployment in teh region. A majority of the corpus will fund investment opportunities in Southeast Asia, focusing on e-commerce and mobile.
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