Entrepreneur

Almost 100K Users In 1.5 Years - This P2P Marketplace Soars With Fresh $700K Funding

Local startup Airfrov has just raised S$695,000 in its pre-series A round of funding.

The startup is a marketplace linking travellers with people wanting to buy something from another country. You simply list what you want on the platform, and a traveller can pick up the order for you. You only have to pay for the item upon delivery.

The round was led by existing investor East Ventures and angel investors, including Aaron Tan, CEO of Carro.

This new funding will be used to “enhance the product” and strengthen the developer team.

The team wants to build a “smarter matching algorithm” that can better connect buyers with travellers based on their shopping experience.

Co-founders Cai Li and Robi Ng / Image Credit: Airfrov

Momentous Growth In A Single Year

The startup has enjoyed “healthy month-on-month growth”, says CEO Cai Li, with users and revenue doubling doubling every 3 to 4 months since launching in March 2015.

Since their launch in January 2015 to 2016, the amount transacted has grown 6.3 times, and users have grown 4.3 times.

Right now, the startup has 45,000 monthly active users, with 3,500 travellers. But factor in their new presence in Indonesia, and this jumps up to 95,000.

During their Indonesia soft launch in August 2016, they received over 1,000 offers from 150 travellers.

Featured image credit: LinkedIn