Brief: Filipino ecommerce site Poundit raises six-figure funding

Photo credit: Robbert Noordzij.

Philippines-based Poundit is an ecommerce startup for electronics, gadgets, and accessories. It recently changed its name from YouPoundIt to Poundit.

Competitors: Widgetcity, Kimstore, Lazada

How it compares to competitors:  The startup claims to have built partnerships with global tech brands, which enables it to feature a selection of authentic and authorized products at competitive prices. It says its customer-centric approach is unique: it assists customers from pre to post purchase, including help with post purchase issues since all products have the manufacturers’ warranty.

Traction

Poundit reports a fast-growing customer base, with a triple digit growth and a seven-figure revenue since its inception in 2014. but didn’t share hard numbers.  It has been bootstrapped so far with a core team of only three people.

Funding details

Amount raised: US$629,763
Funding stage: Seed funding
Lead investor: Cocoon Capital
Investment type: Equity
Purpose: Team development, business expansion, and customer experience programs
Total disclosed funding to date: N/A

Converted from Singapore dollar. Rate: US$1 = SGD 1,35.