ShopSpot has announced S$779,000 in funding from Jungle Ventures and Singtel Innov8, as well as a shift from mobile classifieds to a mobile commerce service for fashion brands.
ShopSpot has been getting a lot of attention lately. The Bangkok-based startup exited JFDI and closed its first seed round led by angel investor Kris Nalamlieng ahead of JFDI’s demo day. Today, ShopSpot is announcing its follow-on funding of S$779,000. The seed round comes from Singapore’s Jungle Ventures and SingTel Innov8.
In addition to the funding announcement, ShopSpot is also announcing its new direction. ShopSpot had previously positioned itself as a mobile version of Craigslist, where users could easily post the items they wanted to sell on the easy-to-use mobile app. That is now a thing of the past. ShopSpot is now a mobile shopping platform that allows fashion brands and retailers to reach potential mobile users. Retailers can list their product and inventory information on ShopSpot, potentially reaching thousands of potential customers.
Also read: Mobile P2P commerce platform ShopSpot closes investment deal ahead of Bootcamp Demo Day
“Over 25% of people in Southeast Asia own a smartphone, meaning one in four shoppers already have instant access to an incredibly powerful device, no matter where they are. ShopSpot leverages that ability but makes it even more inspiring and fun with a fashion magazine and social network-style interface,” said Thomas Clayton, CEO of Sequoia-backed mobile media company BubbleMotion, who also recently joined ShopSpot’s advisory board.
ShopSpot is very similar to Singapore-based Carousell. Both ShopSpot and Carousell grew out of Startup Weekends and both have a very similar concept: to allow users to easily buy and sell things on mobile platforms. ShopSpot’s re-orientation came as a surprise to me, as Carousell seemed to be doing quite well and had recently partnered with STClassifieds.
Also read: Simply photograph and sell with Carousell, the mobile marketplace that makes e-commerce easier
We have contacted CEO Natsakon Kiatsuranon to learn more about the realignment and will provide you with an update as soon as we hear from him.
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