Philippines-based mobile ERP firm nets $2m in seed funding

Packworks, a Philippines-based mobile enterprise resource planning firm, has secured US$2 million in seed funding to launch its platform and has plans for a super app in the works.

Packworks co-founders (from left): Bing Tan, Hubert Yap, and Ibrahim Bernardo / Photo credit: Packworks

The round was led by logistics player Fast Group and private equity firm CVC Capital Partners.

Packworks will use the new funds to develop its super app, in addition to improving its offerings and the user journey for partners and local sundry shops known as sari-sari stores, the firm said.

Other plans include setting up a department that works directly with these stores as well as a liaison platform that connects such store owners to financial institutions and brands. This would cut out middlemen and lower the costs for store owners, Packworks said.

Founded in 2018, the startup aims to digitalize sari-sari stores by offering inventory, accounts, and data management services, while connecting these stores directly to suppliers and financial institutions through its super app.

“We observed that these stores have a hard time tracking their inventories and getting supplies for their stores, especially the ones in the [more rural] provinces. That’s when the idea of making a one-stop app for everything pops out,” said Packworks co-founder Bing Tan.

The firm, which started with five sari-sari stores as partners, said it now has a network of 150,000 stores around the country and aims to have 220,000 partners by 2022 end and 500,000 partners by the end of 2023.

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