Filipino Digital Retailer Secures Seed Funding from Singaporean Firm
All-Filipino electronics ecommerce company Poundit.com has received $629,763 in seed funding from Cocoon Capital Partners Pte Ltd, a Singapore-based seed-stage venture firm that concentrates on early-stage digital companies across India and Southeast Asia.
One of the most popular online retailers of electronic gadgets and accessories in the Philippines, Poundit has seen significant growth in recent years, attracting the attention of business partners and customers alike. Their partnership with Cocoon Capital Partners—the VC firm’s first foray into the Philippine market—demonstrates their potential to become an even bigger player in the local ecommerce scene.
“Poundit is one of the most impressive startups we have seen in Southeast Asia since we started investing,” said Will Klippgen, co-founder at Cocoon. “They’re transitioning to be more professional, customer-centric players that ensures their customers have an excellent journey from browsing to unboxing.”
Launched in 2014 by former BlackBerry country manager Kristian Salvo, Poundit.com was originally known as YouPoundit. Since then, it has gained a solid reputation for being a reliable retailer of authentic, high-quality gadgets and accessories that are sold at attractive price points. In 2015, Salvos’ team even won the retail startup award at the 2015 Rice Bowl Startup Awards held in Kuala Lumpur, Malaysia.
At present, Poundit.com serves as a platform where customers can buy items from leading global manufacturers like Sony, GoPro, ASUS, JBL, Harman Kardon, Otterbox and many others. As partner of these companies and as official retailer of their products, Poundit is also able to deliver stellar after-sales support that many other local retailers can’t provide.
Salvo said they plan to use the funding they received to open more doors for their business. The team will channel resources toward improving customers’ overall digital experience, as well as creating better marketing campaigns and expanding their line of merchandise.
“We plan to bring this to the next level,” said Salvo. “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.”
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