Another later-stage funding for Indonesian company, this time is price comparison site PriceArea who closes an investment deal led by Japan’s GREE Ventures and So-net. No term or numbers are disclosed in this series B funding round.
PriceArea went live May 2010 and closed a seed funding from East Ventures 4 months later. Today, they are hosting more than 5 million product listings from over 75,000 online and offline retailers in Indonesia, with over 1.5 million monthly pageviews on their website.
Now, 2 years later, PriceArea has been focusing on merchant acquisition into their platform and they now think it’s the perfect time to pay more attention to user acquisition. The money from this round of funding will be used to focus on global expansion and marketing in order to lure more users and visitors to use their service.
Tatsuo Tsutsumi, a partner from GREE said, “This round of funding is perfectly timed to grow PriceArea to meet the market demand and expansion plan to Southeast Asia.”. Their previous investors East Ventures stays on board together with GREE Ventures and So-net.
Their competitors such as Telunjuk and Rocket Internet’s PricePanda has been slowly eating PriceArea’s marketshare but as there’s currently no incumbent, PriceArea still have a big chance of winning the users’ top of mind. This round of funding can also help them focus on their product and business model, within a few months there will be a stiff competition in this small segment.