Local startup Poundit raises P32.4M funding


LOCAL e-commerce startup Poundit announced on Friday it had raised SGD850,000 (P32.4 million, $632,352) seed funding from Singapore-based Cocoon Capital help it expand and improve customer service.

“Poundit is our first investment in the Philippines,” Will Klippgen, managing partner at Cocoon Capital, said in a statement.

Cocoon Capital is a SGD10 million seed-stage venture firm, supporting startups venturing in the digital area across Southeast Asia and India.

“Ecommerce is undergoing massive growth here with a transition to more professional, customer-centric players that make sure customers have an excellent journey from browsing to unboxing. Poundit is one of the most impressive startups we have seen in Southeast Asia since we started investing,” Klippgen said.

“Our main focus is the customer and our aim is to give them an experience that we ourselves love. We’ve done this by providing a combination of curated selection, price savings and genuine customer service. Poundit carries only the best brands in the world, and we partner directly with them to give customers risk free shopping and product discounts,” said Kristian Salvo, founder and chief executive officer of Poundit.

Poundit started its online operation in 2014 where consumers can shop electronics and accessories from a number of global partners such as Sony, GoPro, ASUS, JBL, Harman Kardon and Otterbox.

With the investment from Cocoon, Poundit is optimistic of reaching triple-digit growth.

Poundit also said it will focus on building its team, expanding its reach, and improving its customer experience.

“First on the list is a revamped online store to attract and engage more customers. The site will also move from www.YouPoundIt.com to www.Poundit.com to make it even easier to find,” the company said.


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