Two months after its seed spherical announcement, Singapore-based startup Upmesh has raised a $7.5 million pre-Collection A spherical led by Monk’s Hill Ventures. The brand new funding brings its complete raised to this point to $10.5 million.
Upmesh will use the pre-Collection A funding to develop its regional presence in Southeast Asia and launch its first Instagram reside promoting app and backend automation options like logistics automation. It additionally plans to double down on its reside commerce merchandise.
Since its seed spherical, Upmesh has almost doubled its on-line retailers in lower than three months with a rising service provider base by 30% month on month. In October, Upmesh was utilized by virtually 300 reside commerce retailers in Singapore, Malaysia and the Philippines, with an annualized gross merchandise worth of $40 million.
Upmesh’s software helps retailers develop gross sales by way of analytics to determine their best-selling product objects and patterns in shopping for behaviors. Its software additionally supplies e-commerce features that robotically seize orders made in livestream feedback and ship a checkout hyperlink to consumers. On the similar time, sellers go reside on social media platforms like Fb Stay and Instagram Stay.
Upmesh competes with e-Commerce platforms like Shopee and Lazada and SaaS instruments, together with Shopline, however the firm affords reside commerce on social media that appeal to extra consumers and viewers and supply automation to assist prospects develop their enterprise, mentioned Wong Zi Yang, CEO and co-founder of Upmesh.
Upmesh additionally tailors its order capturing instruments to fulfill the expectations of sellers and consumers in several Southeast Asia international locations in contrast to different firms that present order-capturing instruments for reside commerce like CommentSold and Dibsly, Wong mentioned in October.
Picture Credit: Upmesh
Upmesh customers vary from mom-and-pop avenue retailers promoting on reside streams to complement foot site visitors to specialised reside commerce sellers transferring hundreds of stock-keeping items (SKUs).
“Stay commerce is reworking eCommerce and shaping the shopping for habits of the digital shopper in Southeast Asia. Whereas Upmesh supplies a full know-how and repair stack to allow reside commerce, it’s much more vital to enabling small and medium sellers at scale. Small and medium sellers from the fastest-growing phase in eCommerce and their wants are largely unmet. Upmesh is targeted on assembly their wants,” mentioned Kuo-Yi Lim, co-founder and managing companion of Monk’s Hill Ventures.
“We’re glad to hitch forces with Monk’s Hill Ventures in our mission to rework eCommerce. We’re united in our shared perception that group is the following frontier for eCommerce, and reside commerce is the best medium for bringing group and commerce collectively,” mentioned Wong.
