Philippine logistics startup raises $800k seed money

Philippines-based logistics startup 1Export has raised US$800,000 in a seed funding round led by Foxmont Capital Partners.

The round also saw participation from IdeaSpace Foundation, Iterative, and a consortium from the Manila Angel Investors Network and Kerubin Capital, as well as other private investors.

The 1Export team / Photo credit: 1Export

Founded in 2016, 1Export provides a platform that helps micro, small, and medium-sized enterprises in the Philippines export their products to other countries. It assists businesses in connecting with distributors worldwide and aids them with country requirements such as labeling and documentation.

The startup said it facilitated exports worth US$500,000 in June, accounting for 0.2% of the Philippines’ total exports for that month. The platform currently features 450 supplier partners and distributes an overall volume of 4,000 tonnes of products.

1Export aims to use the new investment to develop and improve its order-handling capabilities, marketing services, financing, and other third-party integrations within its platform. The startup also plans to enter Indonesia as it targets to expand to 60 countries by the end of 2022.

“Our goal is to help Filipinos all over the world start and run a business, selling products that they’re proud of without having to go through the complexities of exporting,” Mel Nava, founder and CEO of 1Export, said in a statement.