The local store gets funding from overseas
One of our favorite local online stores, Poundit has gotten a shot in the arm from Singapore-based Cocoon Capital, a SGD 10 million seed-stage venture firm focusing on early-stage, digital companies across Southeast Asia and India. Poundit has announced that it just raised a massive SGD 850,000 funding (around Php 30 million), which will allow it to grow further in the country.
“Poundit is our first investment in the Philippines,” said Will Klippgen, Managing Partner, Cocoon Capital. “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. Poundit is one of the most impressive startups we have seen in Southeast Asia since we started investing.”
We’ve written about Poundit before, the brain child of Kristian Salvo, who was once an executive of an international phone brand before setting up the online shopping site after seeing how terrible the online shopping experience was in the Philippines back in 2014.
“We were a group of friends passionate about giving fellow Filipinos a hassle free experience when shopping for electronics online. Our main focus is the customer and our aim is to give them an experience that we ourselves love. We’ve done this by providing a combination of curated selection, price savings and genuine customer service. Poundit carries only the best brands in the world, and we partner directly with them to give customers risk free shopping and product discounts,” said Kristian Salvo, Founder and CEO, Poundit.
Poundit tries to differentiate itself from other online shopping sites by pushing highly viral videos of unboxings, reviews and product features on Facebook and other platforms. Unboxings by Jun Sabayton, Lourd De Veyra and other celebrities give a funny and unique take on the hottest tech products available to buy from their site.
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