German firm backs start-up Priceza
PRICEZA HAS SECURED Series B funding from strategic investor Hubert Burda Media, a Germany-based global media giant, that the Thai start-up hopes will help it gear up to become the No 1 shopping search engine in Southeast Asia by 2020.
HBM said Wednesday that it had invested seven-digit US dollars in Priceza through its business unit called Burda Principal Investment, which it set up last year to offer long-term equity for fast-growing digital technology and media companies.
HBM has taken over the initial stake of CyberAgent Ventures, giving it 24.9 per cent of the company. The remaining 76.1 per cent of shares is retained by the three founders.
Thanawat Malabuppha, chief executive officer and co-founder of Priceza, said the Series B investment would be spent on three areas – improving its technology platform, expanding its team and spreading its wings over the region.
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