Philippine online store builder raises $555k in seed round

Prosperna, a Philippine-based online shop builder, raised US$555,000 in a round led by local investor Foxmont Capital Partners.

Johnsen Global Business Ventures also joined the round, adding to DayOne Capital Ventures’ earlier investment in the startup.

Team Prosperna / Photo credit: Prosperna

Founded in 2016, Prosperna allows micro, small, and medium-sized enterprises to set up online shops using its ecommerce software. It also works with other ecommerce platforms like Lazada and Shopee, letting sellers accept digital payments or offer cash on delivery for buyers while automatically booking shipping for merchants’ products.

The company will use part of the new funds to expand its offerings, as it aims to have 100,000 small businesses on its platform in the future, said Prosperna founder Dennis Velasco. Some of its current users include Pokleefoods.com, Sweet Bella Desserts, and Beery.ph.

The fundraise is Foxmont Capital Partners’ latest ecommerce investment after joining recent funding rounds for Etaily and Edamama. It also invested in healthtech firm Zennya and returned for livestreaming platform Kumu‘s series B funding.

“In 2020, the Philippines clocked in with the highest average internet usage per person with almost 12 hours per day, which is rapidly fueling behavioral change,” said Foxmont Capital Partners managing partner Franco Varona, noting that the company’s latest investment helps small players jump to ecommerce easier.

Correction (August 25, 4:50pm): Details about Prosperna’s investors were corrected.