Packworks launches mobile platform after securing $2 million in funding round – Back End News

0

By securing $2 million (about 112 million pesos) in the round, Filipino startup Packworks can now launch its enterprise resource planning (ERP) platform for sari-sari store owners ( neighborhood stores).

At its launch on Wednesday, Packworks said it would use the fund to develop The Pack: SuperStore App that MSMEs can use to digitize their businesses to reach a wider market. The investment, which was led by end-to-end logistics group Fast Group and global private equity firm CVC Capital Partners, will also be used to build a department that directly engages sari-sari stores and provides services additional with partners.

To facilitate financial transactions, Packworks will create an open platform for financial institutions and brands to connect directly with store owners. ADB Ventures, Arise, Techstars and IdeaSpace Foundation also participated in the investment round.

IdeaSpace invests in smart contracts and employee experience analytics startups
Alibaba Launches New Edition of Netpreneur PH Training Program

“We started our journey to help 150,000 sari-sari stores,” said Ibba Bernardo, co-founder of Packworks. “We are helping communities across the Philippines grow and become more resilient. Imagine how many more we can help with all these great partners. Our vision is now global.

The Pack: Superstore App

Founded in 2018 with five initial sari-sari store partners, Packworks now works with 150,000 networks nationwide and aims to have 220,000 stores by the end of 2022 and 500,000 by the end of 2023. It started as a solution for multinational companies in the Philippines to connect with neighborhood stores. In 2019, the startup rolled out nationwide with just 220 stores and a valuation of $400,000. After a year, it amassed 27,828 stores with $30 million, and it reached 130,000 stores with $139 million in 2021.

“We have raised funds to help us expand our talent pool and increase our bandwidth to deliver more to these store owners. We believe our product provides a great benefit,” said Bing Tan, co-founder of Packworks.

By developing “The Pack: SuperStore App”, Packworks aims to help store owners deal with their business’ inventory, accounting and data collection. They can also avail financial products and order supplies at a cheaper price without having to coordinate and purchase new inventory.

Share.

Comments are closed.