It was announced today that ecommerce enabler Shopmatic has raised over $5 million in Series AA funding round led by the technology focused venture capital firm ACP Pte Ltd. The round also saw funding for Shopmatic secured from Spring Seeds Capital Pte Ltd based in Singapore.
Shopmatic is headquartered in Singapore with offices in Bengaluru and Gurgaon in India and one in Hong Kong. Spotmatic was launched in December 2014 by three former Paypal employees, Yen Ti Lim, Anurag Avula and Kris Chen who in 2015 managed to raise $1.5 million from undisclosed investors.
Shopmatic is a product that provides sellers with the entire ecosystem of selling online for their customers. This includes webstores, listings on social networks and marketplaces as well as insights and help on selling online. It also offers help and assistance with things such as payments and logistics.
Sameer Narula, Managing Partner of ACP , said, “We are excited about Shopmatic’s vision of enabling mass adoption of e-commerce in emerging markets and proud to partner with them as investors. 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. With this round of funding, we believe that the company is perfectly positioned to execute on its regional expansion strategy and help change the way business is done in the region.”
Ted Tan, Deputy Chief Executive of SPRING Singapore and Chairman of SPRING SEEDS Capital, said, “Going forward, e-Commerce will play an even more critical role in omni-channel marketing strategies, to help businesses expand globally. We encourage all SMEs to embrace change and go digital. Technologies like Shopmatic’s web and mobile platforms will help transform the way retailers engage their customers, by offering better shopping experiences.”
Following its funding, it is expected that the company will expand to South Asian countries such as Indonesia and the Philippines.
Anurag Avula, CEO of Shopmatic, said , “We have witnessed tremendous growth in merchants leveraging our platform with monthly growth rates in excess of 40%. Our approach of simplicity with a wide value proposition to our customers has deepened our engagement with sellers and grown the category of online sellers. With this round of funds, we aim to expand our service to a wider seller base across more markets in Asia and other emerging markets. We are delighted to have ACP and SPRING SEEDS Capital as our strategic partners and as part of our growth story.”