Pasig City-based ecommerce retailer Poundit.com has recently secured $629,763 in seed funding from Cocoon Capital Partners Pte Ltd, a seed-stage venture capital firm that focuses on early-stage investments for digital companies in Asia.
Already considered as one of the most reliable ecommerce merchants of electronic gadgets and accessories in the Philippines, the all-Filipino firm is expected to further expand their business, thanks to this financial backing by Cocoon Capital Partners. This is the first time the Singapore-based VC firm has partnered with a startup company from the Philippines.
“Poundit is one of the most impressive startups we have seen in Southeast Asia since we started investing,” said Will Klippgen, co-founder 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 was founded in 2014 by Kristian Salvo, who previously served as country manager for the multinational company BlackBerry. Originally known as YouPoundit, the digital startup has quickly risen to popularity among online shoppers for consistently providing authentic and high-quality products at affordable prices. Back in 2015, the team even won the retail startup award at the 2015 Rice Bowl Startup Awards held in Kuala Lumpur, Malaysia.
The company currently maintains partnerships with several global electronics manufacturers, including Sony, GoPro, ASUS, JBL, Harman Kardon, Otterbox and many more. As Poundit is an official partner and retailer of these well-known companies, the retailer also offers better post-sale customer support compared to other market players.
Salvo has expressed his enthusiasm over their firm’s receipt of funding from Cocoon, noting that this is a welcome addition to the resources they are planning to reinvest for the improvement of their customer service, marketing strategies, and inventory.
“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,” he added.