Catbalogan City, Samar, Philippines-based inventory and business financial management startup Peddlr has raised US$4.3 Million in seed funding to accelerate digitalization and push financial literacy of Philippines’ micro and small businesses.
Peddlr is an “OS lite” mobile POS app designed to help micro and small businesses manage inventory and simple bookkeeping. The app also comes with digital ledgers and a storefront helping these businesses sell over the internet.
The new financing round was co-led by Patamar Capital and Crestone Venture Capital. With participation from existing investors – Foxmont Capital Partners and Kaya Founders and new investors- January Capital, 500 Southeast Asia, Nordstar, Vulpes Ventures, KDV Capital and 335 Fund.
A number of notable angel investors also participated in the round- Summit Media President, Lisa Gokongwei; Zalora Group CCO Giulio Xiloyannis ; Zalora Group COO Rostin Javadi; Founder and CEO of Kippa Kennedy Ekezie-Joseph; Co-Founder Antler, Managing Partner Antler Asia, Jussi Salovaara; Partner- Antler Indonesia, Subir Lohani; Associate Partner- Antler Southeast Asia, Markus Bruderer and XA Network – the leading tech leaders’ investment network in Southeast Asia. The group’s purpose is to foster inclusive innovation by empowering the tech community in Southeast Asia.
The fresh investment brings Peddlr’s total funding to almost US$4.8 Million, just seven months since the company launched in July 2021 with a Pre-Seed Round of US$500,000 in November 2021.
The new capital enables Peddlr to further accelerate user growth to help 1 million micro and small businesses by end of 2022. This will also speed up the rollout of new app features and digital products that would help its users, especially sari sari stores and other micro entrepreneurs to earn more.
“MSMEs have been the driving force behind Philippines’ economy. However, the lack digitalization of their businesses, data and access to credit limited their growth. Peddlr’s ledger-app will help MSMEs leap forward and sustainably grow their businesses. We believed that Nel and his team’s vision, experience and execution will make Peddlr the leading business tool and supercharge Filipino entrepreneurs.”Inanc Balci, Co-Founder of Crestone Venture Capital, a Fintech specialist Venture Capital Fund covering Emerging Markets.
Peddlr’s user base experienced organic exponential growth with ~350,000 downloads to date. They have users all over the Philippines- 900+ cities and municipalities. Peddlr MSME community was created and now has ~28k actively engage users on their Facebook Group who help each other embrace technology, sharing tips and creating a support system that keeps everyone on the community motivated specially amidst the current Pandemic.
“At Patamar, we fundamentally believe in the power of nano and micro enterprises to create more resilient local economies. As hyperlocal members of their communities, these business owners know their customers better than anyone and act as a trusted source of existing and newly-introduced products and services. The only thing they lack is the business intelligence tools and purchasing power to compete with bigger players.
Nel and the Peddlr team have built a platform uniquely tailored to the needs of small merchants in Tier II and III areas, and have done it during COVID while living in the same geographic areas that Peddlr serves. Not only is Peddlr providing valuable business intelligence tools, inventory management solutions, and financial insights and training, but unlike anything we have seen, Peddlr has built a unique online community of hyper-engaged business owners who proactively use the Peddlr app platform to share learnings with one another and help others create new businesses.”Beau Seil, Partner and Co-Founder of Patamar Capital, Southeast Asia’s leading impact-driven venture capital firm.
Peddlr is the first Filipino-owned fintech start-up from the Philippines’ country side that managed to scale very quickly and raised funds from international and regional Venture Capital firms.
About Crestone Venture Capital:
Crestone Venture Capital is a US-based Fintech specialist Venture Capital Fund founded in 2019 by Kai Schmitz and Inanc Balci. Crestone invests in early-stage Fintech companies in Emerging Markets covering Southeast Asia, South America, Africa, South Asia, and the Middle East. The Fund specializes in embedded Fintech, financial infrastructure, business enablers, consumer finance, Fintech-aaS and lending.
Crestone values highly driven entrepreneurs with excellent execution skills and provides hands-on financial and operational support from A to Z.
For more information, please visit http://www.crestone.vc
About 335 Fund:
335 Fund was founded in 2021 by PayMongo co-founders Francis Plaza and Luis Sia to support founders and startups in the Philippines and Southeast Asia in the super early stages of their ventures. We are on the mission to find and support crazy and amazing founders and bridge the gap in early-stage funding. We believe that doing so are fundamental to accelerating the unprecedented period of growth of the region. The next ten years will fundamentally shift the Philippines and Southeast Asia’s economies towards becoming more driven by technology. We are convinced that more businesses out there will serve as crucial infrastructure for growing the region’s internet economy over the next decade.
For more information, please visit: https://335fund.com/
About XA Network:
The XA Network was founded in 2018 as an investment network comprising senior executives from leading global and regional technology companies. Our purpose is to foster inclusive innovation by empowering the tech community in Southeast Asia.
XA focuses on early-stage investments. Founders value our members’ distinguished backgrounds as entrepreneurs and senior business builders. Furthermore, our portfolio companies are able to tap into the collective power of deep-rooted networks and expertise across business strategy, product development, and fundraising. XA has invested in a wide variety of sectors and over 30 companies since 2018, including Spenmo, Neuron, Sampingan, Intellect, and Bukukas. XA Network is also an LP in Vertex Southeast Asia and India latest fund. For more information please visit http://www.xanetwork.co
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