Philippine electronics retailer PoundIt.com and its all Filipino founding team recently secured seed funding from Singapore venture capital firm Cocoon Capital Partners Pte Ltd. The company, which specializes in early stage investments, granted PoundIt a capital funding of $629,763 in total.
This is Cocoon Capital’s first venture into the Philippine market, which has seen significant growth in the local ecommerce industry in recent years. Their partnership with PoundIt signifies their faith in the team’s potential to become one of the key ecommerce retailers in the country.
“Poundit is one of the most impressive startups we have seen in Southeast Asia since we started investing,” said Will Klippgen, one of the co-founders at Cocoon. “They’re transitioning to be more professional, customer-centric players that ensures their customers have an excellent journey from browsing to unboxing.”
PoundIt first gained global attention by winning the retail startup award at the 2015 Rice Bowl Startup Awards in Kuala Lumpur, Malaysia. Since then, it has expanded their customer base and has formed strong relationships, quickly becoming one of the leading ecommerce retailers for electronic gadgets and accessories.
The company was initially founded in 2014 under the name YouPoundIt by Kristian Salvo, former Blackberry country manager. Since its founding, it has gained a steady reputation as a customer-centric platform where customers can purchase authorized products at an affordable price.
It has also created strong ties with international electronics manufacturers like Sony, GoPro, ASUS, JBL, Harman Kardon, Otterbox, and many others.
Salvo mentioned that future plans for PoundIt include expanding the business and improving its overall customer 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.”
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