Philippine-Based Startup Etaily Bags P220 Million Investment, Bringing Total Funding to P302 Million

Another Philippine startup has closed a significant investment deal. 
IMAGE SHUTTERSTOCK

E-commerce-enabling startup Etaily has secured $4.3 million (P220 million) in its seed extension round, bringing its total funding to $5.9 million (P302 million) after it raised $1.6 million (P82 million) in early 2021. 

The funding round was led by the Gokongwei’s investment arm JG Digital Equity Ventures (JGDEV) and also included investors from Century Pacific Group, Landmark Department Store, and Abenson.com, Gobi-Core PH Fund, Ayala Ventures, Foxmont Capital, as well as CARRO chief strategy officer Kenji Narushima. 

The new funding will be used to expand Etaily’s reach in the region and develop unique solutions for brands. One of these solutions, which will be launched in the coming months, is an offline-to-online cloud software that lets retailers list offline store inventory on online channels and easily fulfill orders out of the store. 

“We are very grateful to receive so much trust in our growth stage. It legitimizes our traction in building a sustainable and scalable business model that can create value to the core businesses of our existing and future brands and, now even more excitingly, of our investors,” said Alexander Friedhoff, co-founder of Etaily.

Aside from Etaily, other startups in JGDEV’s investment portfolio include Tyme, Darwinbox, Wavemaker SEA SPV2 SPC, iPrice, Growsari, ZUZU, Zyllem, and Snapcart.  

 “JGDEV is always looking for innovative tech startups that can disrupt existing markets or create entirely new market spaces,"said Jojo Malolos, CEO of JGDEV. "When we invest, we make sure that value creation happens. With Etaily, we are able to leverage on the company's expertise and provide our conglomerate's ecosystem with its e-commerce innovations, thereby contributing more impact on people's lives and the economy."

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“We believe that this partnership will further create long-term value and allow our businesses to thrive in the digital economy. Etaily fits perfectly in the pace of our technological progress in recent years,” said JG Summit president and CEO Lance Gokongwei on JGDEV’s recent investment in Etaily. 

Meanwhile, Gobi Partners was Etaily’s regional investor in this round, participating through Gobi-Core PH Fund, which is a joint venture with VC firm Core Capital. The fund has invested in various local startups such as Kumu, Tier One Entertainment, and CloudEats. 

"We are thrilled to have Etaily as part of our portfolio as it showcases that the Philippine retailers, with the right platform and support, can be in a sustainable acceleration," commented Core Capital Co-founder Carlo Delantar. 

“The startup exudes the vision we have for the Philippine startup community—that our local players can be movers of the economy with innovative and efficient solutions,” said Delantar’s co-founder Jason Gaisano. 

Esquire Philippines is published by Summit Media Inc., which is also a unit under the Gokongwei Group.

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Anri Ichimura
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