PH e-commerce enabler Etaily raises $17.8m in Series A funding

PH e-commerce enabler Etaily raises $17.8m in Series A funding

Philippines-based e-commerce enabler Etaily on Tuesday announced that it has raised $17.8 million in a Series A funding round co-anchored by Chinese PE firm SKS Capital and Singapore’s Pavilion Capital.

The round was also backed by SBI ICCP, a joint venture between ICCP Venture Partners in the Philippines and Japan’s SBI Holdings (formerly SoftBank Investments), Kaya Founders, Magsaysay family, Chan family, Foxmont Capital, and JG Digital Equity Ventures, the corporate venture arm of JG Summit Holdings.

Etaily was founded in 2020 to provide content production, channel creation, and warehousing and fulfillment, among others. In its first year of operations, the startup said it processed more than one million transactions and made 50,000 unique products available across Southeast Asia.

The company said its gross sales have tripled this year and are on track to reach $100 million in a few years.

Etaily co-founder Alexander Friedhoff said in a social media post that the fresh funding will be used to beef up its presence in the Philippines and Southeast Asia and improve its distribution platform for brands, among others.

“We are just getting started, and will focus our efforts to expand the commerce powerhouse, as we feel strong shared conviction in the opportunity to transform retail and market entry in the Philippines and Southeast Asia,” Friedhoff said.

The latest funding round brings Etaily’s total funds raised to date to $23.7 million. Last year, it raised $4.3 million in its Seed extension round led by JG Digital Equity Ventures. It also raised $1.6 million in 2021.

The round also comes as Philippine startups secured a mere $11.3 million from four deals in October, according to DealStreetAsia’s proprietary data. In September, the Philippines managed to raise $30 million from two deals.

Startups in the Philippines are expected to raise up to $2 billion over the next three years, more than the total amount raised in the last five years, according to data from the Gobi-Core Philippines Fund released last year.

Edited by: Padma Priya

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