PriceOye, a Pakistani e-commerce platform, on Tuesday announced that it has raised $7.9 million in seed funding from a number of investors, including PayPal founder Peter Thiel.
Founded by Adnan Shaffi and Adeel Shaffi in 2015, PriceOye is a managed marketplace, similar to JD.com in China, where consumers can purchase consumer electronic products. The e-commerce platform plans to utilise the latest funding to add new products and categories to the platform and expand its network of partners.
The seed funding was led by US-based JAM Fund. Additional investors include Beenext, an early investor in Indonesian decacorn eCommerce platform Tokopedia, DG Daiwa, Mantis VC, HOF Capital, Jet.com’s investor Palm Drive Capital, and Atlas Ventures among others, according to the statement.
Additionally, angel investors including Thiel, Immad Akhud of Mercury Bank, and Asif Keshodia of Souq also participated in the round, as well as previous investors Fatima Gobi Ventures, SOSV, and Artistic Ventures.
“Some of the biggest problems with shopping for consumer electronics in Pakistan is the presence of counterfeit products and price discrepancies which result in a fractured buying experience for a majority of Pakistani shoppers,” said Adnan Shaffi, co-founder and CEO of PriceOye.
Shaffi said the platform gives access to authentic products at great prices, and helps consumers make better shopping decisions through its recommendations system.
The funding comes at a time Pakistan’s startup sector battles volatility with fundraising announcements coming in tandem with downsizing and closing down of operations.
Commenting on the investment, Seamon Chan, managing partner of Palm Drive Capital, stated, “It’s always a difficult choice for consumers to spend big amounts of money on high-value products while being unsure about their authenticity.”
“PriceOye has become the leading B2C eCommerce platform and the growth is a testament to the founders’ ability to execute. We are excited to back them as they steer PriceOye towards a new phase of growth.”
