Asian Price Comparison Site Save 22 Gets Angel Round Of “Mid Six Figures”

Posted: May 11, 2013 in GT
Tags: , , ,

Singaporean price comparison startup Save 22 just
got an investment of “mid six figures” in Singapore
dollars, according to co-founder, Guyi Shen. S
$500,000 translates to about US$400,000, as a
reference. The three-year-old startup indexes prices of goods
and displays a price comparison. Its mobile app also
allows you to scan a barcode of a product with your
phone, and it will display a list of stores that list the
same item, organized by price. Its database covers about 500,000 products, and the
listings come from both retailers and mobile app
users who submit product and pricing data. The
company says it has staff on the ground actively
indexing prices of popular goods, as well. The funding round was led by Crystal Horse
Investments, an angel firm in Singapore. Crystal
Horse also invested in Singapore-based Dropmyemail
and Hong Kong-based Frenzoo. Other participants in the round are Nuffnang from
Malaysia, which operates the largest blog advertising
network in Southeast Asia, Strategia Adventures and
Little Lights Capital, from Indonesia. Chun Dong Chau, an investor with Crystal Horse, said
the company was picked because of its engineering
team. He claims that Save 22′s data engine on the
backend mines data collected from retail partners’
catalogs. Compared with other price comparison
websites, which just provide lead generation back to retailers, Save 22 is expected to develop an
additional revenue stream from offering some data
analytics back to third parties. The investor is pushing Save 22 to continue growing
its database within the region, which will improve the
quality of its analysis, he said. “Southeast Asia is
going in terms of its GDP but also Internet and mobile
penetration is growing massively. The market is quite
big, and we don’t have plans to go outside yet.” The company competes with other players Asia like
PricePinz. The latter has a pretty similar app that also
does barcode scanning, but is a younger firm, and
just launched its app at the start of this year. At the
start of the year, PricePinz said it had just about
4,000 products cataloged. It also said in an interview with e27 that its focus is restricted to electronic
goods for now, but plans to expand to other verticals
like groceries and apparel within the year. If it’s a scramble to catalog more data, Save 22 is the
winner for now in the region, but expansion plans will
potentially open it up to competition with global giants
like ShopSavvy. On the e-commerce front, Amazon’s
PriceCheck and eBay’s Redlaser are other barcode
scanning apps, and have the backing of large firms with huge product databases. Save 22 was founded by Shen and Ronald Cheung, in
March 2010, and has nine employees, including its
two founders. It was renamed from Lobangclub
(‘lobang’ translates to ‘deal’ in the Malay language)
last year.

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