Singapore-headquartered price comparison site Save22 has raised an undisclosed round of funding that will see it push on and expand its service across Southeast Asia. The round was led by existing investorÂ Crystal HorseÂ (Singapore), and includes participation from blog advertising network Nuffnang,Â StrategiaÂ VenturesÂ (Singapore)Â and Little LightsÂ Capital in Indonesia.
Save22 is currently live in Singapore, the Philippines and Indonesia but, with the new investment, co-founder and CEO Guyi Shen tells TNW it will launch inÂ Malaysia within theÂ next three months.Â There are also plans to expand into new products that provide âoffline retail market transparencyâ solutions, while the sales team in its existing three markets will be increased too.
The startup previously raised $100,000 in seed funding from Crystal Horse, but neither Shen nor the new backers are divulging the value of the latest round.
Initially founded as Lobangclub in 2010, the service enables shoppers to find the lowest prices for items simply by scanning the barcode. Once a scan is complete, the app provides locations of the nearest retailers and the price at which they are selling the product.
It also drew attention following an appearance on Singaporeâs startup reality show Angelâs Gate, as Shen was criticized for giving away a 10 percent stake in the company for 12 months of mentoring by two angel investors (video). It later transpired that, despite agreeing to the deal in the footage, Shen had not accepted the offer.
The company changed its nameÂ last August when Shen and fellow co-founders Ronald Cheung and Jeremy FooÂ realized the negative connotations that it drew in Indonesia, where âlobangâ â which is slang for deal in Singapore â means âholeâ. Go figure the rest.
Top Image Credit: Sufi Nawaz