E-commerce tech provider Shopmatic raises $5.7m from ACP Pte, SPRING SEEDS Capital

Photo: Shopmatic website

Singapore-based firm Shopmatic has raised $5.7 million in a Series AA round led by venture capital firms ACP and SPRING SEEDS Capital, with participation from other investors.

Shopmatic provides its users an end-to-end service to build their own unique online stores with integrated payment and shipping functions. Its users comprise merchants from brick-and mortar retailers to those selling in online marketplaces.

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.”

As part of this new investment, ACP managing partner Sameer Narula will be joining the Shopmatic board of directors.

The e-commerce enabler platform will use the fresh capital to expand its global footprint, with plans to enter Indonesia, the Philippines, and the Middle East. Shopmatic had used the proceeds from the previous rounds to scale up operations in India, Singapore, and Hong Kong.

Founded in 2014, Shopmatic now books 40 per cent of monthly growth rates, as revealed by CEO Anurag Avula via a press statement.

“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,” Avula said.

Late last year, Shopmatic acquired Taiwan’s Ruby on Rails’ technology firm 5xRuby for an undisclosed amount, in a bid to boost its market expansion plans. Ruby on Rails is a server-side web application framework written in Ruby under the MIT License. Rails is a model-view-controller framework, providing default structures for a database, a web service, and web pages.

Shopmatic is headquartered in Singapore and has offices in Gurgaon and Bangalore, India.

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