Singapore based e-commerce platform for sellers, Shopmatic has raised $5.7 million in a round of pre-Series A funding from ACP Pte Ltd and Spring SEEDS Capital Pte Ltd. The funds will be used to expand into Indonesia, Philippines and Middle East. Sameer Narula, managing partner at ACP, will be joining the Board of Shopmatic.
Shopmatic is a DIY platform that allows small and medium sized enterprises and entrepreneurs to sell online. The company has two models for the sellers, ShopmaticGo and ShopmaticPro. ShopmaticGo is a free service and claims that within two minutes a user can set up a shop online, including payment services as well as advertise on social media. Shopmatic Pro is a model where a user can choose from 60 designs for their own website, manage payments, order, etc., as well as list the products on Amazon and eBay. Users pay $20 per month for the services. The company is currently active in India, Singapore and Hong Kong and claims to be growing 40% month on month.
Earlier funding and acquisition
The company had raised $1.5 million in seed funds from unnamed angel investors. It launched its India operations in October 2015, with offices in Gurgaon and Bangalore, and expanded operations to Hong Kong in 2016. It acquired Taiwan-based 5xRuby in December last year.
-In December 2014, Zepo raised an undisclosed amount from Anupam Mittal, CEO of People Group and existing investor, One97 Mobility Fund. While the services provided by Zepo are similar to Shopmatic, it claims it can help users list on Flipkart, Snapdeal and Paytm as well.
-KartRocket raised $ 2 million in Series B round from a Japanese investor. It had earlier, in January 2016, raised $6 million from Bertelsmann India Investments, Nirvana Digital India Fund, Nirvana Digital Investment, 500 Start-Ups and Singapore-based Beenext. In October 2014, Kartrocket raised close to $2 million in a Series A round of investment led by the technology venture investor Nirvana Venture Advisors. Japan-based Beenos (NetPrice) and existing investor 500 Startups also participated in this round.
-According to Crunchbase, Shopify has raised four rounds of funding: the last one in May this year. The company in total has raised more than $122 million.