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Sunday, October 2, 2022

Peter Thiel backs electronics marketplace PriceOye in maiden Pakistan investment - TechCrunch

Last updated Tuesday, August 30, 2022 01:00 ET , Source: TopWireNews

A Pakistani startup, which has taken inspiration from China’s JD.com and India’s Flipkart to build a managed marketplace of electronics products, said on Tuesday it has raised seed funding from scores of investors including PayPal founder Peter Thiel.
Launched in March 2020 — just two weeks before the COVID-19 pandemic ravaged the world — the Islamabad-based startup PriceOye offers a range of electronics products, including smartphones, TVs and home appliances.
Its seed funding round was led by JAM Fund, a venture capital firm by Tinder founder Justin Mateen. The institutional funding round also included participation of Beenext, DG Daiwa, Mantis VC, HOF Capital, Jet.com investor Palm Drive Capital and Atlas Ventures, among others. Angels including Thiel, Immad Akhud of Mercury Bank, and Asif Keshodia of Souq also participated in the round — alongside previous investors Fatima Gobi Ventures, SOSV, and Artistic Ventures. This is Thiel’s maiden investment in Pakistan.
PriceOye has served 45 million unique users in Pakistan in the last two years, covering 37.5% of the country’s total internet userbase, Adnan Shaffi, co-founder and CEO of the startup, told TechCrunch in an interview.
“We are the second most visited shopping website in the entire country, with over two and a half million monthly active users coming on the platform, doing research using our product recommendation engine, and then getting to know about different products,” he said.
After exiting two startups,...



Read Full Story: https://techcrunch.com/2022/08/29/pakistan-priceoye-pk-7-9-million-usd-seed-funding-jd-com-managed-electronics-marketplace/

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