THE BRIDGE

tag netprice.com

Japan’s NetPrice.com and Digital Garage jointly invest in Indian payments processor Citrus

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Japanese internet company Netprice.com (TSE:3328) announced today that its Singapore-based investment arm, Beenos Asia, has invested in Indian payment processor Citrus. The investment was jointly made with Hong Kong-based econtext Asia (1390:HK), a payments solution company under Digital Garage (TSE:4819). Specific financial details of the investment are not disclosed. India is showing rapid growth in internet businesses these days, and broadband internet has been growing at an annual rate of 25% as of early 2013 [1]. The e-commerce market in India is growing by over 30% every year [2], and that trend has been helping Mumbai-based Citrus grow rapidly, as it provides e-commerce platforms and public service providers with credit card payments, bank transfers, debit payments, cash on delivery, and installment payments. Through this partnership, Netprice.com expects to stay ahead e-commerce trends and payment needs in the region. Our readers may recall that the company also recently invested in Turkish payment processor Iyzi Payments back in July, and made a joint investment in Jakarta-based payments processor PT MidTrans last year in partnership with Digital Garage. Citrus was founded back in 2011 by a group of software, UX, and finance professionals. They raised series B funding worth $5.5 million from Sequoia…

citrus_featuredimage

Japanese internet company Netprice.com (TSE:3328) announced today that its Singapore-based investment arm, Beenos Asia, has invested in Indian payment processor Citrus. The investment was jointly made with Hong Kong-based econtext Asia (1390:HK), a payments solution company under Digital Garage (TSE:4819). Specific financial details of the investment are not disclosed.

India is showing rapid growth in internet businesses these days, and broadband internet has been growing at an annual rate of 25% as of early 2013 [1]. The e-commerce market in India is growing by over 30% every year [2], and that trend has been helping Mumbai-based Citrus grow rapidly, as it provides e-commerce platforms and public service providers with credit card payments, bank transfers, debit payments, cash on delivery, and installment payments.

Through this partnership, Netprice.com expects to stay ahead e-commerce trends and payment needs in the region. Our readers may recall that the company also recently invested in Turkish payment processor Iyzi Payments back in July, and made a joint investment in Jakarta-based payments processor PT MidTrans last year in partnership with Digital Garage.

Citrus was founded back in 2011 by a group of software, UX, and finance professionals. They raised series B funding worth $5.5 million from Sequoia Capital earlier this month, following the previous $2 million in funding from the investment firm back in March.


  1. See Budde.com.au
  2. According to a survey by IAMAI, Internet and Mobile Association of India (IAMAI). 

Japan’s Netprice.com raises $7.7M from Digital Garage, intensifies ties for global business

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Japan-based internet giant Netprice.com (TSE:3328) recently announced that it has raised about 790 million yen (approximately $7.67 million) from fellow Japanese web conglomerate Digital Garage (TSE:4819). It will use the funds to intensify its efforts to discover new internet business opportunities in global markets. Both companies have been operating startup incubator Open Network Lab since 2010, and have also been working together on cultivating business opportunities in the Southeast Asian region, including co-investing in Indonesian payment processor Veritrans Indonesia back in 2012. Coinciding with this funding, the two companies intend to collaboratively discover more internet business opportunities in the US as well as emerging markets. Digital Garage purchased a multi-storey building in the heart of San Francisco last month, where it has set up an incubation space called DG717. To commemorate this, the city’s mayor Edwin Lee has declared November 5th as Digital Garage Day in San Francisco. Netprice.com is expected to make the use of the location to gain accessibility to high potential startups and other opportunities in the San Francisco Bay Area. Our readers may also recall that Netprice.com has established its own incubation program, Beenos, which is separate from the aforementioned Open Network Lab initiative.

netprice.com-and-digitalgarage

Japan-based internet giant Netprice.com (TSE:3328) recently announced that it has raised about 790 million yen (approximately $7.67 million) from fellow Japanese web conglomerate Digital Garage (TSE:4819). It will use the funds to intensify its efforts to discover new internet business opportunities in global markets.

Both companies have been operating startup incubator Open Network Lab since 2010, and have also been working together on cultivating business opportunities in the Southeast Asian region, including co-investing in Indonesian payment processor Veritrans Indonesia back in 2012. Coinciding with this funding, the two companies intend to collaboratively discover more internet business opportunities in the US as well as emerging markets.

Digital Garage purchased a multi-storey building in the heart of San Francisco last month, where it has set up an incubation space called DG717. To commemorate this, the city’s mayor Edwin Lee has declared November 5th as Digital Garage Day in San Francisco. Netprice.com is expected to make the use of the location to gain accessibility to high potential startups and other opportunities in the San Francisco Bay Area.

Our readers may also recall that Netprice.com has established its own incubation program, Beenos, which is separate from the aforementioned Open Network Lab initiative.

Japan’s Netprice.com launches new ‘Beenos’ incubation program

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Japanese internet conglomerate Netprice.com announced today that it has launched a new incubation program called Beenos, which will provide hands-on support to promising young entrepreneurs. Netprice.com has another incubation program called Open Network Lab (aka OnLab), led by MIT Media Lab director Joi Ito and jointly operated with Digital Garage. So a natural question to ask here is why would Netprice need to run two different incubators at the same time? How do they differ? I had an opportunity to visit the Netprice.com office and hear from key members of the program’s team: Hiro Maeda, Bora Savas, Daisuke Imai, and Kazuya Kawakami. How is the Beenos incubation program different from OnLab? At OnLab, we’ve been helping as many startups as possible to launch and [grow], because it’s a seed acceleration program. In terms of helping participating startups learn more about what they have to do, they can receive advice from our mentors. For the Beenos program, we formed a 15-person hands-on team with the aim of committing ourselves to working with entrepreneurs. Most members of the team have previously launched their own startups, so they know what entrepreneurs are going thorough based on their own experience. What do you provide…

beenos_logo

Japanese internet conglomerate Netprice.com announced today that it has launched a new incubation program called Beenos, which will provide hands-on support to promising young entrepreneurs. Netprice.com has another incubation program called Open Network Lab (aka OnLab), led by MIT Media Lab director Joi Ito and jointly operated with Digital Garage.

So a natural question to ask here is why would Netprice need to run two different incubators at the same time? How do they differ? I had an opportunity to visit the Netprice.com office and hear from key members of the program’s team: Hiro Maeda, Bora Savas, Daisuke Imai, and Kazuya Kawakami.

How is the Beenos incubation program different from OnLab?

At OnLab, we’ve been helping as many startups as possible to launch and [grow], because it’s a seed acceleration program. In terms of helping participating startups learn more about what they have to do, they can receive advice from our mentors.

For the Beenos program, we formed a 15-person hands-on team with the aim of committing ourselves to working with entrepreneurs. Most members of the team have previously launched their own startups, so they know what entrepreneurs are going thorough based on their own experience.

beenos_team

What do you provide in the Beenos program?

We provide everything you need for launching your startup. If you have an idea but no team, we can help you build a one. If you have an app but no user base, we can give you ideas that help boost user growth. You can apply for the program even if you have no great idea because we think the idea is not a key factor in terms of making your startup succeed.

For early-stage startups, we typically provide operational support using our Netprice.com personnel. For mature-startups, we help you expand your business reach globally using our international network comprised of our investees, subsidiaries, and partners.

So what do you expect from entrepreneurs?

For entrepreneurs, we think the success of your startup very much relies on how much your idea fits your mindset rather than your skill set as a business owner. We expect you to have a mindset where many people can follow you, [including] good co-workers or ardent customers.

According to Mr. Maeda, a recent trend in the startup incubation industry has seen US incubators focus on acquiring high-profile people for their advisory or management board, such as Digg co-founder Kevin Rose who joined Google Ventures, or SuccessFactors’ founder Lars Dalgaard who joined Andreessen Horowitz. Beenos expects this trend to seep into the Japanese incubation industry.

The team consists of experienced people from various fields. Dr. Bora Savas is a Turkish entrepreneur and data specialist. Daisuke Imai can help you build up prototype based on your idea, and give you advice from a user experience point if view. Using his network of investors and entrepreneurs in South East Asia, Mr. Kazuya Kawakami can help you expand your business quickly in that region.

For the time being, they will focus on nurturing Japanese startups in their Tokyo office, but they aspire to do more regardless of geography or nationality as it becomes possible later on.

Netprice already boasts an impressive portfolio of services like group-buying platform Netprice, auction site Brandear, and localized e-Bay service Sekaimon. Some of our readers may recall that the company also recently invested in two Turkish Internet companies as well.

Japan’s Netprice.com invests in Turkish payment processor Iyzi Payments

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Japanese e-commerce and incubation company Netprice.com announced on Monday that it has invested in Turkish payment processor Iyzi Payments. According to a statement from Iyzi’s founders, this is a part of a series A funding round worth $1.4 million. Several investors participated including Pachicle Invest, Speedinvest (an angel investment fund based in Austria), and Beenos Asia (a subsidiary of Netprice.com in Tokyo). Following the investment, Speedinvest CEOs Stefan Klestil and Oliver Holle will join Iyzi’s board. Iyzi was founded in Istanbul back in 2012, and introduced its first product, Iyzico, back in April, providing local e-commerce companies with easy-to-implement card payment solutions. Iyzi Payments’ co-founder and CEO Barbaros Özbugutu commented: Being able to use this entire $1.4 million investment for the Turkish market shows that our investors have confidence in the potential and importance of the e-commerce market here. Our primary goal now is to develop our Iyzico product further and to invest in sales and marketing activities to grow even faster. For Netprice.com, this is its second investment in a Turkish business following its previous investment in Turkish e-commerce site Akakce.com. Through these investments, the Japanese company expects to gain insights into Turkish e-commerce trends and contribute to the…

iyzipayments_logoJapanese e-commerce and incubation company Netprice.com announced on Monday that it has invested in Turkish payment processor Iyzi Payments. According to a statement from Iyzi’s founders, this is a part of a series A funding round worth $1.4 million. Several investors participated including Pachicle Invest, Speedinvest (an angel investment fund based in Austria), and Beenos Asia (a subsidiary of Netprice.com in Tokyo). Following the investment, Speedinvest CEOs Stefan Klestil and Oliver Holle will join Iyzi’s board.

Iyzi was founded in Istanbul back in 2012, and introduced its first product, Iyzico, back in April, providing local e-commerce companies with easy-to-implement card payment solutions.

Iyzi Payments’ co-founder and CEO Barbaros Özbugutu commented:

Being able to use this entire $1.4 million investment for the Turkish market shows that our investors have confidence in the potential and importance of the e-commerce market here. Our primary goal now is to develop our Iyzico product further and to invest in sales and marketing activities to grow even faster.

For Netprice.com, this is its second investment in a Turkish business following its previous investment in Turkish e-commerce site Akakce.com. Through these investments, the Japanese company expects to gain insights into Turkish e-commerce trends and contribute to the future developments in the Turkish startup community.

iyzipayments_screenshot

Japan’s Netprice.com invests in Turkey’s largest price comparison site Akakce.com

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Japanese e-commerce and incubation company Netprice.com announced today that it has invested in Turkey’s largest price comparison site Akakce.com, establishing a strategic partnership at the same time. Detailed figures about the investment were not disclosed. According Netprice, this will be the first investment by a Japanese company into a Turkish e-commerce business. Update: According to turk.internet.com, Netprice.com took a 20% stake in Akakce.com. Akakce.com was founded in 2000 in Ankara, the capital city of Turkey, provides the nation’s consumers with prices and user opinions about a variety of products such as home appliances, health care products, and gaming products. Turkey’s population is around 75 million, and about 47% of them have access to the Internet [1]. The country has huge potential for e-commerce because payment and logistics infrastructure are already sufficient. Akakace.com has more than 4 million monthly unique visitors. Through this partnership, Netprice.com aspires to learn more about the Turkish e-commerce market, and plans to help the community grow by incubating local startups. Since Turkish entrepreneur Bora Savas joined the investment team at NetPrice.com back in January, I assume he involved in this investment — likely an important link in helping the Japanese company connect with the Turkish startup community….

akakceJapanese e-commerce and incubation company Netprice.com announced today that it has invested in Turkey’s largest price comparison site Akakce.com, establishing a strategic partnership at the same time. Detailed figures about the investment were not disclosed. According Netprice, this will be the first investment by a Japanese company into a Turkish e-commerce business.

Update: According to turk.internet.com, Netprice.com took a 20% stake in Akakce.com.

Akakce.com was founded in 2000 in Ankara, the capital city of Turkey, provides the nation’s consumers with prices and user opinions about a variety of products such as home appliances, health care products, and gaming products.

Turkey’s population is around 75 million, and about 47% of them have access to the Internet [1]. The country has huge potential for e-commerce because payment and logistics infrastructure are already sufficient.

Akakace.com has more than 4 million monthly unique visitors. Through this partnership, Netprice.com aspires to learn more about the Turkish e-commerce market, and plans to help the community grow by incubating local startups.

Since Turkish entrepreneur Bora Savas joined the investment team at NetPrice.com back in January, I assume he involved in this investment — likely an important link in helping the Japanese company connect with the Turkish startup community.

akakce.com_screenshot


  1. This is based on surveys from Eurostat and Turkstat.  ↩