iPrice bags additional funding from South Korean internet company Naver

iPrice Group has bagged an investment from South Korean internet content service company Naver Corp.

This comes a few months after LINE Ventures, Naver's venture capital arm, raised a round of funding with participation from Cento Ventures and Venturra. While the company declined to comment on the sum of the investment then, it did concur the amount will be used to double down on investment in the Indonesian market and improving the user experience, especially in the verticals of fashion and electronics.

In a statement to A+M, iPrice spokesperson said that the additional funding will allow the company to be more aggressive in its expansion within the Indonesian market. While the spokesperson declined to reveal the monetary value of the funding, he said that iPrice aims to deliver an "exceptional" product experience for its users through a more comprehensive catalogue, precise pricing information and higher quality of traffic for its e-commerce partners.

"We are also helping media groups to monetise their online traffic. One such example is the New Straits Times Press in Malaysia, we are partnering them to provide a white-label Coupon & Deals solution," the spokesperson said. He added that the company is currently replicating similar partnerships and are open to more of such media partnerships across the region.

David Chmelar, iPrice Group’s CEO and co-founder, said Naver has built an "impressive" shopping and price comparison engine in its domestic market. Given the wealth of experience and strategic value that Naver brings to the table, iPrice could not pass on the opportunity to welcome the company as its latest investor.

"We are honored to receive the vote of confidence of such an iconic company in our path to become the primary gateway to online shopping in Southeast Asia," Chmelar added.

“The tremendous traction which iPrice has continued to display throughout their latest fundraising is a testament to the impressive execution of the team and the explosive growth of SEA’s e-commerce market," Peter Na, investments - Southeast Asia, Naver Corp said.

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