Upmesh Closes $ 7.5 Million Pre-Series A, Launches Live-Shopping App for Merchants Instagram Live – TechCrunch
Two months after her seed tower announcement, Singapore-based startup Upmesh has raised a $ 7.5 million pre-Series A round led by Monk’s Hill Ventures. The new funding brings its total raised so far to $ 10.5 million.
Upmesh will use the pre-Series A funding to expand its regional presence in Southeast Asia and launch its first Instagram live-selling app and back-end automation features such as logistics automation. It also plans to double its direct trading products.
Since its roundtable, Upmesh has nearly doubled the number of its online merchants in less than three months with a merchant base growing 30% month over month. In October, Upmesh was used by nearly 300 live traders in Singapore, Malaysia and the Philippines, with an annualized gross merchandise value of $ 40 million.
Upmesh’s tool helps merchants increase sales through analytics to identify their top-selling products and patterns of buying behavior. Its tool also provides e-commerce functions that automatically capture orders placed in the live reviews and send a payment link to buyers. At the same time, sellers are going online on social media platforms like Facebook Live and Instagram Live.
Upmesh competes with ecommerce platforms like Shopee and Lazada and SaaS tools including Shopline, but the company offers live social media commerce that attracts more buyers and audiences and provides automation for helping clients grow their businesses, said Wong Zi Yang, CEO and co-founder of Upmesh.
Upmesh is also adapting its order capture tools to meet the expectations of sellers and buyers in different countries in Southeast Asia, unlike other companies that provide order capture tools for live commerce like CommentSold. and Dibsly, Wong said in October.
Upmesh users range from mum-and-pop street stores selling live to supplement foot traffic to specialist live commerce vendors moving thousands of storage units (SKUs).
“E-commerce is transforming e-commerce and shaping the purchasing behavior of the digital consumer in Southeast Asia. While Upmesh provides a full stack of technologies and services to enable on-line commerce, enabling small and medium-sized vendors to scale is even more critical. Small and medium-sized vendors in the fastest growing segment of e-commerce and their needs are largely unmet. Upmesh is focused on meeting their needs, ”said Kuo-Yi Lim, Co-Founder and Managing Partner of Monk’s Hill Ventures.
“We are thrilled to join forces with Monk’s Hill Ventures in our mission to transform e-commerce. We are united in our shared belief that community is the next frontier of e-commerce and that online commerce is the perfect way to bring community and commerce closer, ”said Wong.