E-commerce platform AVANA has collected $1m in its Pre-Series A funding round led by Gobi Partners.
Other contributions to the round came from TH Capital and existing backer Cradle Seed Ventures.
Founded in 2016, the company helps micro, small and medium enterprises with building an e-commerce platform. AVANA offers a single platform for businesses to sell products, manage orders, process online payments and track customers.
Some of the services included with the application include product and inventory management, automatic invoice tracking and receipts, online payments, and tax management, among other options.
Clients can use the system to sell products via the web, mobiles, tablets and even social media websites like Facebook. AVANA’s regional partners include Malaysia-based POS Malaysia, MYNIC, and MDEC, and Indonesia-based POS Indonesia, and JNE.
This equity injection will be used to further its expansion in the Malaysian MSME e-commerce market. AVANA recently launched its services in to Indonesia and is looking to provide more sales channel integrations to access more sellers across the ASEAN.
Gobi founding partner Thomas Tsao said, “Social ecommerce is taking off in ASEAN, counting for 30% of digital sales in Southeast Asia. The region’s young population, speedy smartphone and social network adoption is driving this growth. ASEAN is well positioned for social e-commerce, and AVANA’s all-in-one platform, as well as their focus on smaller, MSME businesses, is sure to position them as a key player in this fast-growing market.”
Last year, e-commerce services provider ConversionPoint Technologies acquired fellow online retail platform Sellpoints, in an undisclosed transaction. ConversionPoint helps brads to digitalise their stores and access online payments, media optimisation and CRM.
E-commerce companies dominated the funding into the global payments and remittances sector last year, according to data by FinTech Global. The sub-sector picked up 58 per cent of the total $11.9bn that was deployed.