Thai price-comparison shopping platform Priceza is joining forces with German global media giant Hubert Burda Media (HBM).
HBM is a Series B investor in Priceza, with its investment in the seven-figure range in US dollar terms.
Priceza has a presence in six regional markets, dominating in Indonesia and Thailand, with a combined 13 million visits a month. Traffic to Priceza Thailand numbers 7.5 million a month or more than 200,000 a day, and the website has seen a 100 per cent growth over the past year, with a product database of more than 59 million items.
CEO/co-founder Thanawat Malabuppha says the funding is an important turning point for Priceza to develop into an international eCommerce tech company in its seventh year.
He says eCommerce accounts for a mere 1 to 2 per cent of total retail sales in Southeast Asia, compared to 16 per cent in Korea, 9 per cent in the US and 8 per cent global average.
With its Series B funding, HBM has taken over the initial stake from CyberAgent Ventures (CAV), giving it a 24.9 per cent share.
“We are looking at increasing our investments in Southeast Asia, and Priceza seems a natural choice because of how it has grown from an idea from three Thai computer engineers in 2010 to a high-profile platform spanning six countries,” says Burda Asia CEO Fredrich von Scanzoni.
“We have been investing in eCommerce companies for 20 years and understand the price comparison space very well. With Priceza joining our portfolio, it will bring deep insights into the region and together we can build Priceza to be a significant player and market leader in Southeast Asia.”
