Filipino Digital Accounting Startup Raises P25.2 Million in Pre-Seed Funding
As published by: Esquire Philippines
A Philippines-based startup behind a digital accounting and bookkeeping app has raised $500,000 (about P25.2 million) in pre-seed funding. Launched in July 2021, Peddlr’s technology accelerates the bookkeeping process through digital—cash, credit, and payment—ledgers, allows merchants to track inventory, and increases cash flow visibility with auto-generated financial reports.
The funding round was led by independent venture capital firm Foxmont Capital Partners. Also participating were Paulo Campos, co-founder and managing director of Zalora; Constantin Robertz of Locad; Summit Media President Lisa Gokongwei’s Kaya Founders Investment SPV PTE. LTD; Luis Sia of PayMongo; Aaron Kemmer, co-founder of on-demand virtual assistant company Magic; Richard Juan, and other angel investors.
The company said it intends to use the funds raised to accelerate user growth and further develop infrastructure to ensure stability and scalability.
Peddlr was founded by CEO Nel Laygo, COO Aiko Reyes, and founding developers Francis Dela Cruz, Mel Francis Separa and Nelson Bathan Jr. Besides accounting services, the app offers inventory management, and digital storefront for Filipino micro and small enterprises (MSMEs), helping them record sales, manage credit, and track inventory, among others. According to the news release announcing the funding round, “the platform’s online store-front feature also enables MSMEs to directly participate in the digital economy in just a few simple steps.”
The free digital bookkeeping app aims to replace the traditional pen-and-paper sales recording, credit management, and manual inventory stock counting process, which is still the default method of used by most MSMEs in the Philippines.
“We aim to jumpstart Philippine micro and small businesses to the digital world and put them at the heart of economic recovery for 2021 and beyond,” Said by Nel Laygo, CEO of Peddlr Philippines, Inc.
“Our unofficial motto is ‘by founders, for founders’—and we see Nel as a champion of the same cause,” Gokongwei said. “Nel brings with him years of regional experience in supply chain and finance operations and has a deep understanding of the specific pain points faced by Filipino MSMEs. The tools that his team is building are designed with the everyday sari-sari store owner in mind, to ensure utility and maximum adoption.”
“MSMEs have been eager to join the digitalization of the Philippines and we look forward to Peddlr becoming a key part of that transformation. Nel’s passion and understanding of his users clearly shows in the product, which has already become essential to many,” said Nico Sibal, Director of Portfolio Management of Foxmont Capital Partners.
Esquire Philippines is published by Summit Media Inc, a unit of the Gokongwei family’s JG Summit.