iPrice Group, a Southeast Asian product discovery and comparison platform, has extended its latest funding round with the investment of Naver Corp., South Korea’s leading Search Engine and parent company of mobile messenger app, LINE.
The amount of the deal was not disclosed. Naver’s direct investment comes three months after its subsidiary’s VC arm, LINE Ventures, led iPrice’s Series B funding round.
Led by David Chmelar, CEO and Co-Founder, iPrice Group is Southeast Asia’s leading product discovery and comparison platform, connecting consumers with hundreds of e-commerce merchants. Since October 2014, the platform has established itself across seven markets: Malaysia, Indonesia, Singapore, Vietnam, Thailand, Philippines and Hong Kong.
Naver is a search portal provider in Korea. Based on know-hows earned from providing search service for years, it has launched various global services like LINE, Webtoon, and SNOW. Its R&D subsidiary, NAVER Labs, is developing future technologies like autonomous driving, robotics, and AI. In addition, AI platform Clova, which is developed with LINE, is contributing to the expansion of the AI eco-system via devices like smart speaker.
Naver is executing R&D on future technologies globally, mainly in Grenoble, France, and in Hong Kong.