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E-commerce enabler Shopmatic raises Series AA funding of $5.7 million from ACP, SPRING SEEDS Capital and other investors


June 14, 2017 - Singapore

Shopmatic, a Singapore-based e-commerce company providing a platform for merchants and individual entrepreneurs to sell online, has raised $5.7 million of Series AA funding led by ACP Pte Ltd, a technology focussed Venture Capital firm, and SPRING SEEDS Capital Pte. Ltd, the investment subsidiary of SPRING Singapore. After having successfully scaled its operations in India, Singapore and Hong Kong, Shopmatic will be using the funds to expand into other markets in Indonesia, the Philippines and the Middle East. As part of this round of funding, Mr. Sameer Narula, Managing Partner, ACP, shall be joining 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.

Shopmatic has made significant strides in the past year with the launch of Shopmatic Go, a mobile-centric product with more than 140,000 downloads since November and with the acquisition of Taiwan-based 5xRuby, a leading technology development house.

Anurag Avula, CEO of 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 of 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 of 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."

Shopmatic caters to a multitude of merchants, including brick-and-mortar retailers and those selling on online marketplaces. From building a website to listing it on an e-marketplace, promoting it on social channels, and providing useful customer insights, Shopmatic handles everything that merchants and individuals need to grow their business online.

About Shopmatic:

Shopmatic is an international e-commerce company that has been launched to help business owners sell their products and services online. From developing a unique web store, to listing businesses on marketplaces and social media channels, to giving insights on how to sell online, Shopmatic helps business owners manage the full spectrum of what is required to grow their businesses. Founded in December 2014, Shopmatic is headquartered in Singapore and has offices in Gurgaon and Bangalore, India. The company is quickly expanding to the rest of the Asian countries. For more information, please visit www.goshopmatic.com or contact us at media@goshopmatic.com

Please follow us on:
http://goshopmatic.com/in/mobile/
https://www.facebook.com/goshopmatic?fref=ts
https://www.youtube.com/channel/UCp5oynihnk8tTm0u6ami13w
https://twitter.com/Shopmatic
https://www.linkedin.com/company/shopmatic-pte-ltd

Contact Information for Singapore only:
Telephone: +65 62242012
E-mail: ShopSupportSG@goshopmatic.com

Contact Information for Hong Kong only:
Telephone: +852 5801 0006
E-mail: ShopsupportHK@goshopmatic.com

Contact Information for India only:
Toll-free number: 1800 103 5373
E-mail: ShopSupportIN@goshopmatic.com

About ACP:

ACP Pte. Ltd. is a Venture Capital firm specializing in investing in high quality opportunities that can fundamentally transform the way we live, work and play.

Founded by entrepreneurs, the firm works with family offices, governments and corporations to support great founders achieve extraordinary impact.

For more information, please visit www.acpven.com.

About SPRING SEEDS Capital (SSC):

SPRING SEEDS Capital (SSC), an investment arm of SPRING Singapore, co-invests with independent investor(s) in commercially viable Singapore-based startups with innovative and strong intellectual content that are scalable across international markets. It also manages co-investment funds administered under Startup SG Equity, a scheme which catalyses private-sector investment for startups through government equity co-investment. Under Startup SG Equity, SSC supports early-stage startups across a wide range of technology and industry domain areas.

For more information on the funding programmes, please visit www.spring.gov.sg and www.startupsg.net.

About SPRING Singapore:

SPRING Singapore is an agency under the Ministry of Trade and Industry responsible for helping Singapore enterprises grow and building trust in Singapore products and services. As the enterprise development agency, SPRING works with partners to help enterprises in financing, capability and management development, technology and innovation, and access to markets.

As the national standards and accreditation body, SPRING develops and promotes an internationally-recognised standards and quality assurance infrastructure. SPRING also oversees the safety of general consumer goods in Singapore.

Please visit www.spring.gov.sg for more information and news about SPRING Singapore.

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Contact:
Shenaz Bapooji
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MarketWire

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