Rocket Internet’s price comparison platform PricePanda has announced a $3m funding round from German investor Tengelmann Group. The company will use the funding to expand to other South Asian markets and to scale its operations.
Founded in 2012, PricePanda allows users to find and compare products and services in more than 100 categories including software, health, beauty, music and movies. So far, the platform is available in Mexico, Malaysia, Philippines, Indonesia and Singapore.
PricePanda managing director Christian Schiller said the company aims to “be a reliable guide through the jungle of offers from diverse eCommerce stores,” and to “bring transparency and overview into this world of excess information”. Schiller is happy with how PricePanda has progressed so far, he claims the platform now hosts over 70,000 products and has redirected one million consumers to other stores’ websites.
PricePanda, which has also received financing from Investment AB Kinnevik, is optimistic about its growth potential in South-East Asia – pointing out in a press statement that there will be a projected 360 million internet users in the region by 2020.
Tengelmann Group is a retail company which also invests in internet startups via Tengelmann Ventures. This isn’t the retail group’s first investment in a Rocket Internet company – its portfolio also includes eCommerce platforms Linio, WestWing, Lazada, Zalora and Lamoda.
Image credit: Flickr user fortherock