Turkish pricing intelligence startup Prisync to double down on APAC growth initiatives with US$1M funding
Prisync, an Istanbul-based competitive pricing intelligence and dynamic pricing solutions startup, has secured US$1.1 million in seed funding to double down on its growth initiatives in the Asia Pacific region.
Collective Spark led the round, which also saw participation from German VC fund ESOR Investments.
The company will also use the capital to fuel its product development and grow its global customer base.
“In the last two years, we have seen great interest, especially in the booming Southeast Asian e-commerce market, namely Indonesia, Thailand and Malaysia,” Burc Tanir, CEO and Co-founder of Prisync, said.
“We see a huge and growing customer base for numerous online sellers/merchants. Consumers here are price-sensitive, so pricing is a real competitive factor in the online retail market,” he added. “We plan to double down APAC-focused growth initiatives with this round of funding.”
The APAC region constitutes nearly 15 per cent of Prisync’s global sales.
Prisync helps e-commerce companies of all sizes by automating their competitor price tracking and pricing optimisation processes. It currently serves hundreds of customers in more than 50 countries, claims Tanir.
According to the company, automated pricing technologies are still not widely used across the global e-commerce market, especially in the small and medium-sized businesses segment, which constitutes the target market segment of Prisync.
These companies either conduct such competitive pricing analysis and optimisation manually or don’t even bother allocating resources on that front. Prisync emphasises this market condition as a significant potential for Prisync’s global growth.
Last year, Prisync formed partnerships with two major e-commerce platforms Magento and Shopify.
In March, it acquired its Australia-based competitor Spotlite.