Upmesh, a startup based in Singapore has raised $7.5 millions in Monk Hill Ventures’ Pre-Series A round. This brings their total raised amount to $10.5 millions.
Upmesh will launch its first Instagram live selling app from this fund and establish its presence in Southeast Asia. Apart from this all, it also plans to increase its live commerce products.
With a growing merchant base of 30% month after month, in less than 3 months, Upmesh has nearly doubled its online merchants.
Almost 300 live commerce merchants from Malaysia, Singapore, and the Philippines used Upmesh in October, crossing annualized gross merchandise value worth $40 million.
Merchants have used Upmesh’s tools to grow their sales using analytics for identifying customer behavior trends and their best products. Its tools can help in automatically capturing orders made in Livestream comments, sending checkout links to buyers.
Despite being in competition with eCommerce platforms like Shopee and Lazada, Upmesh’s live commerce feature attracts more clients, providing automation to help them grow their business, as reported by CEO and co-founder of Upmesh, Wong Zi Yang.
The behavior of digital consumers is being shaped by Live commerce in Southeast Asia, which is also transforming the eCommerce.
“Small and medium sellers from the fastest-growing segment in eCommerce and their needs are largely unmet. Upmesh is focused on meeting their needs,” Co-founder and managing partner of Monk’s Hill Ventures, Kuo-Yi Lim said.
Wong added that they were glad to “join forces with Monk’s Hill Ventures” in a quest to transform the face of eCommerce. He said that they hold a shared belief that the next frontier for eCommerce is community; he said that the ideal medium for bringing together commerce and community is live commerce.