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Singapore-based Appboxo announced that it has secured US$1.1 million in a seed round led by 500 Durians, Plug and Play Ventures, Antler, and FF APAC Scout – a “scout vehicle” of US-based Founders Fund.
Appboxo was established in 2019 by founders Kaniyet Rayev and Nursultan Keneshbekov through the Antler Singapore program.
The startup provides software that allows companies to launch mini-apps within their super apps. By using Appboxo, mobile wallet platforms can integrate ecommerce and lifestyle mini-apps, ride-hailing and lifestyle apps can include financial services on their platforms, and media companies can partner with ecommerce services.
Appboxo counts Booking.com, Klook, and Zalora, among others, as its partners.
With the fresh funds, the company plans to scale its platform and further develop its technology by adding new mini-apps in travel, ecommerce, finance, and lifestyle industries.
According to Rayev, Asia is set to account for 50% of app installs globally by the end of 2020. Meanwhile, companies in regional markets such as Indonesia might miss out on opportunities for integrative technology such as mini-programs.
“Many companies have lots of users but need additional ways to properly engage and monetize them, while many smaller apps have the opposite problem,” said Jeff Lonsdale of FF APAC Scout. “Connecting these players through a mini-app ecosystem is a gigantic win-win situation, but right now only the largest tech companies can afford to invest the necessary resources to build out their own mini-app ecosystem.”
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