PriceOye has raised $7.9 Million in a series funding round to strengthen its position as the leading electronics marketplace in the country. The platform has emerged as the go-to choice for Pakistanis to buy gadgets from top brands in the last few years. The National Science & Technology Park (NSTP) based startup has raised a total of $8.4M in 5 funding rounds over its lifetime.
The seed funding round was led by the US-based JAM Fund. Additional investors include Beenext, an early investor in Indonesian decacorn eCommerce platform Tokopedia, DG Daiwa Ventures – GP of DG Lab Fund, Mantis VC, HOF Capital, Jet.com’s investor Palm Drive Capital, and Atlas Ventures among others.
Additionally, notable unicorn founders Peter Thiel, Immad Akhud of Mercury Bank, and Asif Keshodia of Souq also participated in the round, as well as previous investors Fatima Gobi Ventures, SOSV, and Artistic Ventures. This marks Peter Thiel’s first investment in Pakistan.
Adnan Shaffi and Adeel Shaffi founded PriceOye in 2015 with a vision to make buying electronics easier for consumers by providing honest reviews and detailed product information. Their unique features like open-box delivery really helped with making them successful.
PriceOye’s managed marketplace not only gives access to authentic products at great prices but also helps consumers make better shopping decisions through its recommendations system,” Adnan Shaffi, co-founder and CEO of PriceOye, said in a statement.