South Korea-based Woowa Brothers accelerates investment in Southeast Asia

June 08, 2021 | 17:36

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Southeast Asia continues to be one of the key markets of the global unicorn Woowa Brothers as it has poured millions of US dollars into regional companies since early this year.

south korea based woowa brothers accelerates investment in southeast asia

South Korea-based Woowa Brothers has just announced to invest $1.5 million in iPrice

Malaysia-based online shopping aggregator iPrice is the latest one being invested by South Korean food tech company Woowa Brothers with a capital of $1.5 million. This is also the second funding received by the regional e-commerce platform amidst the COVID-19 resurgence.

Woowa Brothers, fascinated by the promising growth in the Southeast Asian digital sector, has been striking startup investments in the region since 2019. With an interest to participate in the fast-growing e-commerce sector, Woowa decided to fund iPrice given its robust performance and unique position in the industry as a preeminent e-commerce aggregator platform.

"As Southeast Asia's e-commerce market develops, the competition among e-commerce platforms is intensifying and the number of sellers is increasing. We believe that iPrice's role of helping users find the right platform and save money will continue to be vital to the region," said Woowa Senior Investment Associate Joshua Dhong.

iPrice is on a mission to bring a greater level of transparency, convenience, and trust to consumers in Southeast Asia to help consumers save money. Instead of going through multiple marketplaces to find the best deal, users can instantly access six billion offers from more than two million sellers on a single platform. They can save money by comparing products, prices, sellers’ reputation, and delivery conditions all in one place.

In Vietnam, Woowa Brothers also gains fruition with food delivery application Baemin. In 2019, the South Korean player penetrated the local market by acquiring the food delivery platform Vietnammm.

By Van Anh

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