Philippine e-commerce enabler bags $1.6m in seed funding
As published by: Tech in Asia
Etaily, an ecommerce-enabling startup based in the Philippines, has raised US$1.6 million in seed funding, the company’s co-founder and CEO Alexander Friedhoff revealed at a conference on Tuesday.
Local firms Ayala Ventures, Foxmont Capital Partners, and Magsaysay Shipping & Logistics led the round and were joined by Boston Consulting Group’s managing director Anthony Oundjian.
Founded in 2020, Etaily builds, manages, and grows ecommerce platforms for retailers. Its current clients include department store operator Landmark and several fashion and lifestyle names.
Etaily intends to use the fresh funds to improve its technology and support expansion plans.
“Offline distributors are facing the challenge that retail might be dead, but on the same side we see that there is a significant shift into ecommerce,” said Friedhoff during the event.
The size of the Philippines’ ecommerce market was US$3 billion in 2019 and is estimated to reach US$12 billion by 2025. In terms of ecommerce penetration within Southeast Asia, Indonesia leads the way with some of the biggest names in the emerging segment.
Etaily aims to thrive in the ecommerce space by making the digital shift easier for local retailers.
Toti Wong, the firm’s chief commercial officer, said at the conference that the company’s services, which include analytics, competitor price monitoring, and stock listing, could help clients move online more swiftly.