Philippines: Cocoon Capital makes seed funding in ecommerce startup Poundit

Visual from Poundit's Facebook page.

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.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.