Big name venture capital backs NSTP ecommerce startup

An NSTP startup has managed to raise seed funding from scores of investors, including the PayPal founder Peter Thiel. Securing funding of $7.9 million, PriceOye has managed to consolidate its position as the leading electronics marketplace in Pakistan, with what is Peter Thiel’s first investment to date in the country.

The round was led by US-based JAM Fund while additional investors amongst many included Beenext, Tokopedia, DG Daiwa, Mantis VC, HOF Capital, Jet.com’s investor Palm Drive Capital, and Atlas Ventures. Additionally, notable unicorn founders Peter Thiel, Mercury Bank’s Immad Akhud, and Asif Keshodia of Souq also participated in the round. As for the former investors, PriceOye raised $450,000 in pre-seed funding from Fatima Gobi Ventures, SOSV, and Artistic Ventures.

PriceOye, a startup based out of the National Science and Technology Park (NSTP) at NUST, is a marketplace for authentic and original consumer electronics available at the best prices. Removing counterfeits, creating trust and helping customers making better purchase decisions by providing comprehensive product information and product reviews is what the company knows best.

The recommendation engine is used by visitors for product research, and has been one of the most important drivers of bringing over 2 million monthly users to PriceOye’s platform. The company has developed a proprietary product recommendation engine that asks simple questions for each category and recommends products based on the responses. PriceOye.pk has grown exponentially, posting 500% revenue growth year-on-year, making it one of the leading B2C ecommerce players in the country. With the new funding, Priceoye is poised to continue on its growth trajectory, adding new products and categories on the platform, and expanding its network of partners.

In the words of Adnan Shaffi, CEO and co-founder PriceOye: “Some of the biggest problems with shopping for consumer electronics in Pakistan is the presence of counterfeit products and price discrepancies which result in a fractured buying experience for a majority of Pakistani shoppers. PriceOye’s managed marketplace not only gives access to authentic products at great prices but also helps consumers make better shopping decisions through its recommendation system.”

“Priceoye was hence designed to bring transparency and convenience to the shopping experience and has the highest net promoter score, which measures customer experience and loyalty. As we plan for the next phase of our growth, we are excited to partner with new investors who have placed their trust in us,” added co-founder Adeel Shaffi.

Investors were clear where the appeal of PriceOye lies: “It is always difficult for consumers to spend tonnes of money on high-value products, all the while being unsure about the authenticity. I was inspired by the vision of PriceOye founders Adnan and Adeel of creating transparency and bringing convenience to customers when it comes to shopping for consumer electronics. We are excited to back them as they steer PriceOye towards a new phase of growth,” said Seamon Chan, managing partner of Palm Drive Capital.

Find out more about NSTP at https://nstp.pk/