Singapore-based venture capital firm Cocoon Capital has made its business debut in the Philippines, investing over $629,700 (S$850,000) in a seed round for local e-commerce startup Poundit formerly YouPoundit.
Founded in 2014 by former BlackBerry country manager for Philippines and Guam Kristian Salvo, Poundit is an ecommerce site for electronics and accessories that has built partnerhips with about 50 tech brands and authorized distributors including Sony, GoPro, ASUS, JBL, Harman Kardon, and Otterbox.
Poundit in 2015 bagged the retail startup award at the Rice Bowl Startup Awards in Kuala Lumpur for being a consumer electronics retailer that curates brands, creates compelling content, and focuses on customer service.
The startup plans to use its fresh capital to continue building its team, expand its local market reach, and further improve its customer service experience.
Cocoon Capital co-founder and managing partner Will Klippgen said Poundit is the venture company’s first investment in the Philippines recognizing dramatic improvement in the local ecommerce industry. Incidentally, Cocoon Capital today also announced its entry into Vietnam with a $7 million round into influencer platform Hiip along with 500 Startups.
“Ecommerce is undergoing massive growth here with a transition to more professional, customer-centric players that make sure customers have an excellent journey from browsing to unboxing,” Klippgen said. “Poundit is one of the most impressive startups we have seen in Southeast Asia since we started investing.”
Klippgen together with Michael Blakey, founded Cocoon in 2016 as a S$10 million seed-stage venture firm focusing on early-stage, digital companies across Southeast Asia and India.
Cocoon’s target categories are B2B ecommerce, fintech & SaaS with a target ticket size from S$350,000 to $1 million. Its managers have done over 60 investments globally with a focus on Southeast Asia.
“With the funding that we just got, we plan to bring this to the next level. Poundit is a piece of our manifesto and we believe in merging people with technology, matching them to the right products and then inspiring them to create beautiful things like art, music, and film,” Salvo said.
From a bootstrapped team of three, and three customer service representatives, Poundit now generates a total revenue of seven digit US dollar figures.