The $1.15 million oversubscribed pre-seed financing round for Shoppable Business, a business-to-business (B2B) eCommerce marketplace and technology company, has closed.
Foxmont Capital Partners and Seedstars International Ventures jointly led the round, according to a statement released by Shoppable Business on Tuesday.
According to the report, the round was also attended by a large network of angel investors from around the world with extensive knowledge and connections in digitizing wholesale distribution in the Philippines and Southeast Asia.
AHG Lab is one of the previous backers who gave Shoppable Business the seed money and early-stage support.
According to Shoppable Business, the company wants to improve how businesses buy and sell by digitizing wholesale distribution and procurement in the Philippines.
According to the statement, the money will be used to expand Shoppable Business’ business development team, create more features and products, and open up new markets in the area.
“Our cost-effective eCommerce procurement technology, access to 100 percent authentic branded products and services at wholesale prices with no MOQ, empower entrepreneurs so they can focus on growing their business,” said Carlo Silva, Co-Founder and Chief Executive Officer of Shoppable Business.
A company called Shoppable Business seeks to create the biggest network of verified suppliers in the Philippines.
It offers thousands of items from hundreds of reputable brands, including food, furniture, appliances, construction supplies, computers, furniture, and made-to-order goods.
“Sourcing and procurement have traditionally been a very manual and a very challenging experience in the Philippines. The lack of transparency in pricing and difficulty in finding goods at scale and quickly is something Filipino companies have had to deal with for too long,
“Shoppable Business helps to directly solve that problem, and we believe Carlo and his team are exactly the right team to do it,” said Franco Varona, Managing Partner of Foxmont Capital Partners.
Shoppable Business supports both retailers and resellers looking for new products to sell in their own stores as well as any business or “business consumer” looking to purchase branded goods and services for their own use.
This is particularly helpful in the Philippines, where it can be challenging to find genuine branded goods both online and offline.
Since the introduction of social commerce in 2015, the country’s eCommerce industry has not seen any innovations geared toward business owners or consumers; instead, all of its technology was created with individual consumers in mind.