Shoppable Business, a Philippine-based B2B e-commerce marketplace startup, has announced raising $1.15 million (about P64 million) in its oversubscribed pre-Seed funding round.
The fundraising was co-anchored by Philippine-focused early-stage venture capital investor Foxmont Capital Partners and Switzerland-based venture investor Seedstars.
The raised funds will primarily support the expansion of Shoppable Business’s team, enhance product development, and extend market reach within the Southeast Asia region, the startup said.
Shoppable Business aims to solve the longstanding challenges of sourcing and procurement in the Philippines by enhancing transparency and efficiency.Â
Sam Blanquera, COO of Shoppable Business, suggests that the platform will particularly benefit organizations looking to procure goods more quickly and cheaply.
Shoppable is projected to assist manufacturers and distributors with their operations. Last year, the global B2B e-commerce market was valued at $7.08 trillion, a figure anticipated to reach $26.59 trillion by 2030.
Sourcing and procurement have traditionally been a very manual and a very challenging experience in the Philippines, according to Franco Varona, managing partner of Foxmont Capital Partners.
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, he added.
“Shoppable Business helps to directly solve that problem, and we believe Carlo [Silva] and his team are exactly the right team to do it,” Varona said.
Shoppable Business provides a unique platform for businesses seeking branded products and services for procurement and for retailers seeking new products to sell.
This comes at a crucial time for the Philippines, where procurement of authentic branded products has traditionally been challenging.
The startup also guarantees the issuance of official BIR-certified sales invoices and receipts with every purchase, which companies need in the Philippines to claim the full purchase on their books.
Shoppable Business’s CEO, Carlo Silva, believes that their e-commerce procurement technology will enable entrepreneurs to focus on growing their businesses.
“Our cost-effective e-commerce procurement technology, access to 100% authentic branded products and services at wholesale prices with no MOQ, empower entrepreneurs so they can focus on growing their business,” Silva said.