ShopSpot app gets funding from Thailand’s biggest telco

Photo credit: Jason Howie

It looks like it’s a good week for ecommerce startups in Thailand. Just yesterday, social ecommerce discovery app StylHunt announced a pre-series A round of close to US$500,000. Today, mobile ecommerce store ShopSpot announced it raised money from Invent, the venture capital arm of Intouch, the holding company behind Thailand’s largest telco, AIS.

Existing investor Singtel Innov8 also participated in the round, although the amount is undisclosed.

ShopSpot is a marketplace where shops can peddle their wares and buyers can browse for their favorite products. Large pictures highlight the products. ShopSpot says its idea is to combine the presentation philosophy of sites like Pinterest with the personalization of Amazon.

ShopSpot has raised a total of US$630,000 so far, not counting this latest round. It won second place at Startup Weekend Bangkok 2011 and joined the JFDI accelerator program in 2012. Through 2012 and 2013, it raised seed funding from Thai angel investors and Singapore-based Jungle Ventures and Singtel Innov8.

The startup says it has over 1.5 million monthly visitors.

Invent’s participation in the recent funding will bring potential collaborations with other companies within the Intouch portfolio. In a statement, vice president of venture capital at Intouch, Thanapong Na Ranong, mentions examples such as AIS customers being able to use the app and pay through its online payment app Mpay.

ShopSpot says it will use the money to enhance its app with features like the ShopSpot Guarantee System to increase vendor trustworthiness, according to CTO and co-founder Chawanop Witthayaphirak.

We have reached out to ShopSpot for more information and we will update this story when we hear back.