Singapore-based e-commerce platform Shopmatic has raised S$5.7 million (US$4.1 million) in series AA funding.
The round was led by technology-focussed venture capital firm ACP and Spring Seeds Capital, the investment subsidiary of Spring Singapore.
Shopmatic provides a platform for merchants and individual entrepreneurs to sell online, and after having scaled its business in Hong Kong, India and Singapore will be using the funds to expand into other markets including Indonesia and the Philippines. As part of the funding round, ACP managing partner Sameer Narula will be joining the Shopmatic board of directors.
Founded in December 2014, Shopmatic has launched Shopmatic Go, a mobile product with more than 140,000 downloads since November, and acquired 5xRuby, a technology development house in Taiwan.
Shopmatic CEO Anurag Avula says there has been “tremendous growth” in merchants using the platform with growth rates exceeding 40 per cent.
“We are excited about Shopmatic’s vision of enabling mass adoption of e-commerce in emerging markets,” says ACP’s Narula. “By using the deep data-sets generated on its platform, Shopmatic has the potential to enable SMEs and partners better target their services and products, and to accelerate the adoption of e-commerce in these high-growth markets.”
“Going forward, e-commerce will play an even more critical role in omni-channel marketing strategies to help businesses expand globally,” says Spring Seeds Capital chairman Ted Tan, who is also deputy CEO of Spring Singapore. “We encourage all SMEs to embrace change and go digital.”