E-commerce enabler technology firm Shopmatic has raised US$5.7 million in Series AA funding led by ACP Pte Ltd, a technology-focused venture capital firm, and SPRING SEEDS Capital, the investment subsidiary of SPRING Singapore, an agency under the Ministry of Trade and Industry.
“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,” the company said in a statement.
Shopmatic is an ecommerce enabler for small businesses as well as entrepreneurs. Sellers can use it to get on to multiple ecommerce marketplaces and put ‘buy’ buttons on their social media pages apart from building and managing their own stores. It handles all challenges that small business owners face including integrating payment and delivery systems, managing selling channels, and adapting to evolving technologies and digital devices.
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. However, it has strong competition in India from firms like like Martjack and Buildabazaar which are providing similar services like Shopmatic.