funding

Singapore-based e-commerce firm, Shopmatic has raised $5.7 million in pre-series A round led by led by technology venture capital firm ACP Pte Ltd and Spring Seeds Capital. Spring Seeds Capital is an investment subsidiary of Spring Singapore, an agency under Singapore’s trade and industry minister.

The company plans to utilize freshly infuse funds to aggressively expand to Indonesia, the Philippines and West Asia.Commenting on the development, Sameer Narula, Managing Partner, ACP said, “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, as part of this round will be joining the board of Shopmatic.

Commenting on the development, Sameer Narula, Managing Partner, ACP said, “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, as part of this round will be joining the board of Shopmatic.

Founded in 2014 by Anurag Avula, Yen Lim and Kris Chen, Shopmatic offers merchants and individual entrepreneurs a platform to sell online. It enables small and medium enterprises (SMEs) and entrepreneurs to build online stores with integrated payment and shipping functions and sell their products or services through multiple channels.

“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,” said Anurag Avula, CEO, Shopmatic.

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With an angel investment of $1.5 million from undisclosed investors from India, the US and Singapore, founder launched the Shopmatic. Company has last year launched Shopmatic Go, a mobile-centric product with more than 1,30,000 downloads since November, and has acquired Taiwan-based 5xRuby, a technology development house.

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