PriceOye.pk, a Pakistani eCommerce platform specializing in electronics, has announced that it has completed a seed investment of $7.9 million as it works to establish itself as a national specialty electronics retailer with both an online and an offline presence.
Investors including the US-based JAM Fund, DG Daiwa, Mantis VC, HOF Capital, Palm Drive Capital, Atlas Ventures, and others participated in the seed round, which was also led by JAM Fund. Beenext was an early investor in the Indonesian decacorn eCommerce site Tokopedia.
Along with previous investors Fatima Gobi Ventures, SOSV, and Artistic Ventures, renowned unicorn founders Peter Thiel of PayPal, Immad Akhund of Mercury Bank, and Asif Keshodia of Souq also took part in the round. Peter Thiel has never before made an investment in Pakistan.
PriceOye describes itself as a managed marketplace for electronics, offering recommendations based on the needs of the customer and assisting them in making wise decisions.
Visitors use the product recommendation engine to find products, and it has been a major factor in drawing over a million users per month to PriceOye.pk’s platform.
Its in-house product recommendation system makes recommendations for products based on the answers to straightforward questions for each category.
For instance, it will inquire about your price range, the phone you are currently using, and the characteristics that are most important to you if you are buying a smartphone.
PriceOye will recommend the item that most closely matches your requirements based on your responses, so enhancing how consumers purchase electronics.
To read our blog on “ezBike is the first electric mobility startup in Pakistan to raise $1 million in a pre-seed round,” click here.