Appboxo Secures $1.1m to Expand Mini-Apps Services

By Adedapo Adesanya

Singapore-based Appboxo said it has secured $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 programme.

The startup provides software that allows companies to launch mini-apps within their super apps. By using Appboxo, mobile wallet platforms can integrate e-commerce and lifestyle mini-apps, ride-hailing and lifestyle apps can include financial services on their platforms, and media companies can partner with e-commerce services.

Appboxo counts Booking.com, Klook, and Zalora, among others as its partners.

With the fresh funds from the seed, the company plans to scale its platform and further develop its technology by adding new mini-apps in travel, e-commerce, finance and lifestyle industries.

According to Mr Rayev, Asia is set to account for 50 per cent 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 Mr 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,” he added.