Philippine-based B2B platform Packworks has won the Bronze Stevie Award in the Company of the Year – Computer Software – Medium-size category at the 21st Annual International Business Awards (IBA).
Packworks, which provides a B2B platform that allows sari-sari store owners to become more efficient in managing their business, said the award recognizes its contributions to providing tech solutions to support local micro-entrepreneurs.
IBA is the world’s premier business awards program. More than 3,600 nominations from organizations of all sizes and in virtually every industry were submitted this year for consideration in a wide range of categories.
This year, IBA received 3,600 entries from companies in 62 countries and territories. Stevie Award winners were determined by the average scores of more than 300 executives worldwide, who participated in the judging process in June and July.
Listed real estate developer Ayala Land emerged as the top winner this year with 25 total Stevie Award wins.
Packworks co-founder and CEO Bing Tan said the award reflects how the company’s mission resonates with business leaders globally and validates the significance of its work.
“At Packworks, we are committed to empowering sari-sari stores through our open platform, driving innovation in the e-commerce and retail sectors,” Tan added.
The Bronze Stevie award is the latest accolade for Packworks. Last year, Forbes Asia recognized Packworks as one of the companies to watch in the Asia-Pacific region in its 100 to Watch List of 2023.
In November, Packworks was also named Startup of the Year gold winner at the first-ever KMC Startup Awards.
The Stevie award also comes about a month after Packworks secured P3.5 million in funding from the Department of Science and Technology (DOST) to support its AI research efforts.
The funding comes from the DOST-Philippine Council for Industry, Energy, and Emerging Technology Research and Development (PCIEERD) Startup Grant Fund Program.
DOST said the research funding will support the startup’s plan to develop a machine-learning-powered precision marketing model. The aim is to offer sari-sari stores (convenience stores) customized recommendations on sellable items from Packworks’ partner suppliers.
In 2022, Packworks raised $2 million in its seed funding round co-led by Fast Group and private equity firm CVC Capital Partners.
Packworks started as a solution for multinational companies in the Philippines to connect with neighborhood stores in 2018.