CashCashPinoy, a mobile e-commerce platform in the Philippines today said it secured a $2 million investment in a Series B round from Singapore-based private equity firm Hera Capital.
Frederic Levy, Founder and CEO of the daily deals site said the funding and the expertise from Hera Capital would facilitate business expansion, infrastructure improvements, membership acquisition, and also aid in the recruitment of key talent.
CashCashPinoy has secured over $4 million in total financing since establishing operations in 2010 with previous investments coming from international and Filipino entrepreneurs.
According to Hera Capital managing partner Sebastien Guillaud, the PE firm was impressed with CashCashPinoy’s quality of offers proposed online, the robustness of the platform, the digital expertise of the team, and its superior ability to execute.
“Our investment will exclusively be used to accelerate the growth of CashCashPinoy in the Philippines, a country of more than 100 million people increasingly embracing e-commerce. Our capital and operational support will focus on further enhancing the online customer experience and build the largest base of loyal online consumers in the country,” Guillaud added, in a statement,
During the last four years of operations, CashCashPinoy has grown to be a market leader with over 1.5 million registered users currently, translating to an average 35,000 transactions and 23,000 deliveries per month.
The company said 60% of its traffic was already originating from mobile devices, achieving these numbers in only three months since it had launched its mobile version.
CashCashPinoy is also releasing REVO, the next-generation version of its proprietary platform.
Hera Capital’s portfolio includes Sohie Paris, Bel Perfumes, social marketing company Wildfire and Reworld Media, a multichannel media group building relationships between consumers and brands through an innovative editorial process.