PriceOye.pk an e-commerce platform of Pakistan has raised $7.9 million in a seed funding round led by US-based JAM Fund, it emerged on Tuesday.
It also brought a number of unicorn founders to its cap table, most notably Peter Thiel who founded PayPal and Palantir Technologies — making it his first investment in Pakistan.
Beenext, an early investor in Indonesian e-commerce platform Tokopedia, DG Daiwa, Mantis VC, HOF Capital, Jet.com’s investor Palm Drive Capital, Atlas Ventures, Immad Akhud of Mercury Bank and Asif Keshodia of Souq also participated in the seed funding round, in addition to previous investors Fatima Gobi Ventures, SOSV, and Artistic Ventures.
“PriceOye is a managed marketplace for electronics, with recommendations based on the consumer’s requirements, helping them make informed purchasing decisions. The product recommendation engine is used by visitors for product research and has been one of the important drivers of bringing over two million monthly users to PriceOye.pk’s platform,” a press statement said.
The startup, founded by Adnan Shaffi and Adeel Shaffi, claims to have achieved 500 per cent revenue growth year-on-year and plans to continue on this trajectory by adding new products and categories on the platform as well as expanding its partner network.