Singapore-based e-commerce company Shopmatic has raised S$5.7 million of Series AA funding.
This round of funding was led by technology-focused venture capital firm ACP, and SPRING SEEDS Capital, the investment subsidiary of SPRING Singapore.
Founded in December 2014, Shopmatic is headquartered in Singapore and has offices in Gurgaon and Bangalore, India. The company intends to expand into other markets in Indonesia, the Philippines and the Middle East with the funds.
In addition, Sameer Narula, the Managing Partner of ACP, will also be joining the Board of Directors of Shopmatic.
“We have witnessed tremendous growth in merchants leveraging our platform with monthly growth rates in excess of 40%," said Anurag Avula, Chief Executive Officer, Shopmatic. "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.”
“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," Narula added.
Ted Tan, Deputy Chief Executive of SPRING Singapore and Chairman of SPRING SEEDS Capital, also emphasised on the role of e-commerce in business. He said, “Going forward, e-commerce will play an even more critical role in omni-channel marketing strategies, to help businesses expand globally. Technologies like Shopmatic’s web and mobile platforms will help transform the way retailers engage their customers, by offering better shopping experiences.”
Founded in December 2014, Shopmatic enables Small and Medium-sized Enterprises (SMEs) and entrepreneurs to take their business online.
Its platform enables SMEs to build their online stores with integrated payment and shipping functions. They are also able to sell their products or services through multiple channels.
Data analytics and insights tools have been built into the platform to provide useful customer insights. This will help sellers be more effective in reaching out to their target audience.
Last year, Shopmatic launched the mobile app Shopmatic Go, which allows sellers to set up their online stores, accept online payments, advertise to customers, and get reports on successful sales. It has accumulated more than 130,000 downloads since November 2016.
The app was an efficient solution for the small businesses in India who were hit by demonetisation.