Filipino ecommerce site Poundit raises US$629,763 from Cocoon Capital

Fri Sep 15, 2017 - 6:44am GMT+0000
Poundit, Cocoon Capital
Filipino ecommerce site Poundit raises US$629,763 from Cocoon Capital

Poundit, Cocoon Capital

Poundit, an ecommerce startup based in the Philippines has recently secured a six-digit seed funding from Cocoon Capital Partners Pte Ltd, a venture capital firm specializing in early stage investments.

For Cocoon Capital, this is the Singaporean firm’s first business investment in the Philippines as the firm recognizes a massive improvement in the local ecommerce industry.

“Poundit is one of the most impressive startups we have seen in Southeast Asia since we started investing,” said Cocoon’s Co-Founder Will Klippgen. “They’re transitioning to be more professional, customer-centric players that ensures their customers have an excellent journey from browsing to unboxing.”

Founded in 2014 by Kristian Salvo, a former BlackBerry Country Manager for the Philippines and Guam, the ecommerce startup provides electronics, gadgets, and accessories.

It was formerly known as YouPoundIt and since its inception has built partnerships with about 50 global tech brands and authorized distributors including Sony, GoPro, ASUS, JBL, Harman Kardon, and Otterbox, enabling it to feature a selection of authentic and authorized products at competitive prices.

Unlike Kimstore or Widgetcity, the startup focuses on a unique customer-centric approach by assisting its customers from pre- to post-purchases. This includes helping with post-purchase issues since all products are under manufacturer’s warranty.

The startup has also won the retail startup award at the 2015 Rice Bowl Startup Awards in Kuala Lumpur for being a consumer electronics retailer that curates brands, creates compelling content, and focuses on customer service.

From a bootstrapped team of 3 founding partners and three customer service representatives, Poundit also claims to have a fast-growing customer base, with a triple digit growth and a seven-figure revenue.

With its recent funding, the startup plans to use the capital to expand its business and team, as well as improving its customer service experience.

“We plan to bring this to the next level,” said Salvo. “Poundit is a piece of our manifesto and we believe in merging people with technology. Matching them to the right products and then inspiring them to create beautiful things like art, music, and film.”

On a related note, Cocoon Capital also announced its entry into Vietnam with a US$7 million round into influencer platform Hiip along with 500 startups.