E-commerce platform PriceOye.pk has raised $7.9M in a seed funding round led by the US-based JAM fund. Other investors in the round include BeeNext, DG Daiwa, Mantis VC, HOF Capital, Palm Drive Capital, and Atlas Venture. In what has been a year of firsts for Pakistan, this round also marks the first investment of PayPal founder Peter Thiel in a Pakistani startup.
Notable angels like Immad Akhund and Ashif Keshodia also invested in the round while previous investors SOSV, Fatima Gobi Ventures, and Artistic Ventures made a return investment.
Founded by Adnan Shaffi and Adeel Shaffi, PriceOye is a price-comparison platform that makes recommendations for electronics based on the consumer’s requirements. The platform has attracted over 2 million monthly users on its proprietary product recommendation engine. With reported revenue growth of 500% YoY, the company is one of the leading B2C E-commerce players in the country.
The new infusion of funding is going to be used to add new products and categories to the platform.