EPSILO, an e-commerce marketing stack based in Singapore and Vietnam, has raised US$2 million in funding led by Sequoia Capital India's Surge. The company is part of the fourth cohort of Surge, a biannual rapid scale-up programme for startups in South-east Asia and India.
Epsilo, launched in July 2019, is a performance marketing platform built on top of e-commerce platforms. It allows brands or merchants to optimise their ad spend for keywords, budget and inventory.
Epsilo said its software supports more than 400 online shops that collectively generate over US$280 million of annualised gross merchandise value.
The startup's solution is currently being used in seven markets. Its platform targets and converts prospective consumers who are actively browsing e-commerce sites.
It also provides real-time inventory tracking to ensure brands are only generating demand for goods they have in stock, and analyses the effectiveness of campaigns both at user level and stock-keeping unit (SKU) level.
Epsilo said it has worked with over 200 customer brands such as Procter and Gamble, Unilever, L'Oreal and Reckitt Benckiser.
"Ninety-seven per cent of digital ad dollars are spent on ads that don't drive a direct revenue return, and the shift of shopping on mega e-commerce platforms and the opening up of ad inventory on those marketplaces have created a new opportunity for performance marketers," said Epsilo co-founder Quang Tran.