JAKARTA - Live streaming auction platform Wowbid has bagged US$ 5 million in a pre-Series A funding round from Envy Management Konsultasi. Previously the startup had raised an investment of US$ 2 million from Malaysia’s Aquifer Ltd in November 2018.
Wowbid, which claims to be Indonesia’s first live streaming auction platform, allows users to purchase e-commerce goods online through a live auction video. The startup says it attempts to benefit from the popularity of videos among smartphone users.
“People’s interest towards video content is an opportunity that e-commerce players have not paid much attention to,” said Wowbid founder and CEO Rafli Ridwan as quoted by DealStreet Asia, Thursday (25/4).
Wowbid plans to expand into a new market in Southeast Asia by the end of 2019. Wowbid CMO Ayu Soetopo said that the startup is confident it will receive positive reception in other Southeast Asian countries due to their similarities to Indonesia. (MS)