Singapore- based e-commerce company, Shopmatic, has raised $5.7 million in Series AA funding. The fundraising was led by ACP Pte Ltd, a technology focussed Venture Capital firm, and Spring Seeds CapitalPte. Ltd, the investment subsidiary of SPRING Singapore.
Shopmatic will use the funds to expand to Indonesia, the Philippines and the Middle East. As part of this round of funding, Sameer Narula, Managing Partner, ACP, will join the Board of Directors of Shopmatic.
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 and sell their products or services through multiple channels. Data analytics and insights have also been built into the platform to help sellers be more effective in reaching out to their target audience.
Anurag Avula, CEO, 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 strategical partners and as part of our growth story."
Sameer Narula, Managing Partner, 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, 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."