Singapore-based tech startup Appboxo raises US$1.1m in seed funding
- 3 years ago
SINGAPORE-BASED Appboxo has snagged US$1.1 million in seed funding led by FF APAC Scout, 500 Durians fund, Plug and Play Ventures and Antler.
FF APAC Scout is a Founders Fund scout vehicle, while the South-east Asia-focused 500 Durians fund was set up by global venture capital firm 500 Startups. Meanwhile, Plug and Play Ventures and Antler are early-stage venture capital investors.
Appboxo, established in 2019, provides integration software which allows users to launch miniapps within other native super apps - platforms which offer various services under one umbrella. Miniapps exist in a bigger app and have limited features.
Through such integrations, Appboxo aims to act as a link and create an ecosystem of interconnected miniapps, allowing for global partnerships across industries, it said in a press statement on Monday.
It plans to use the seed funding raised to scale its platform and further develop its proprietary technology. It also plans to add new miniapps in travel, e-commerce, finance and lifestyle industries to cover more use cases for integrations by super apps.
To date, Appboxo counts Booking.com, Klook, Zalora, and multiple other global companies in finance, travel and e-commerce as its partners. The startup also teamed up with major enterprise partners such as banks, telcos and mobile wallets to turn their apps into super apps.
Kaniyet Rayev, Appboxo's chief executive and co-founder, said Asia is the fastest-growing mobile app market, accounting for 50 per cent of app installs by the end of 2020.
"Ultimately, our vision is to enable any app to become a super app and offer multiple services via our platform," he added.
Source: BusinessTimes
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