Pakistan’s premier online marketplace for electronics PriceOye (MOX 09) closed a $7.9 million seed round led by a host of investors, TechCrunch reported in the article “Peter Thiel backs electronics marketplace PriceOye in maiden Pakistan investment”.
JAM Fund led the round and was joined by Atlas Ventures, Beenext, DG Daiwa, Mantis VC, HOF Capital, and Palm Drive Capital, SOSV’s Orbit Startups, Fatima Gobi Ventures, and Artistic Ventures. Angels including PayPal founder Peter Thiel, Immad Akhund of Mercury Bank, and Asif Keshodia of Souq also participated in the round, TechCrunch revealed.
PriceOye is a managed marketplace that offers a wide selection of electronics products, including TVs, smartphones, and home appliances. The PriceOye marketplace is open only brands and their authorized re-sellers, and they look to giants like Flipkart in India and JD in China for their inspiration.
Adnan Shaffi, co-founder and CEO of the startup, told TechCrunch, “We are the second most visited shopping website in the entire country, with over two and a half million monthly active users coming on the platform, doing research using our product recommendation engine, and then getting to know about different products.”