Enstack, a startup that provides end-to-end digitalization services to small and medium enterprises (SMEs) in the Philippines, has reportedly raised $3 million in its latest funding round.
The round was backed by one of Enstack’s top investors, DealStreetAsia reported. The startup’s top investors include Mangrove VI Investment. Xendit is also a shareholder.
The investment came about a year after Enstack, founded by Shopee Philippines country manager Macy Castillo and Skype co-founder Geoffrey Prentice, raised a similar amount in its Series A round.
The Series A round was anchored by Mangrove Capital Partners, an investor in Skype and other successful tech companies.
Castillo said the additional funds will be used to expand the company’s geographic coverage, grow the team, boost its technology, and drive strategic partnerships.
Enstack is looking at expanding to Thailand, Malaysia, and Taiwan next after it posted growth in the Philippines. The startup came out of beta in October 2022 and claimed to have seen five times growth in Q4 of that year.
Enstack claims to be an all-in-one super app that allows SMEs to sell online and offline, earn conveniently, and grow their business through an integrated platform with end-to-end commerce tools.
SMEs benefit from Enstack’s platform as it lowers their barriers to digitization and helps them future proof their operations.
According to the International Institute for Management Development’s World Digital Competitiveness Ranking 2022, Southeast Asian economies have varying levels of capacity and readiness to shift to digitization.
The Philippines still lags neighbours, Singapore, Malaysia, Thailand, and Indonesia in its ability and readiness to embrace digitization as a “key driver for economic transformation in business, government and wider society.”
“Enstack’s mission is to empower underserved SMEs with integrated tools that grant flexibility, in a business landscape that is shaping-up to be a combination of both online and offline commerce,” Castillo earlier said.