Philippine SME-enabler Enstack has raised $3 million (P164 million) from its Series A funding round led by Mangrove Capital Partners. Payment gateway Xendit and Shinsegae International Chief Executive Office William Kim were the other participants in this round.
Also read: Philippine Startups Need More People in Tech to Grow, Says Gobi-Core Philippine Fund
Enstack is a superapp designed to provide end-to-end support to SMEs aiming to digitize their businesses. The all-in-one app gives small business owners a streamlined system to manage their online and offline businesses completely from their phones. Through the platform, business owners can manage their storefronts, inventories, payment solutions, and more.
Founded in 2021 by former Shopee Philippines country lead Macy Castillo and Skye co-founder Geoffrey Prentice, Enstack reportedly grew five times in the fourth quarter of 2022 and plans to grow by another 10 times by the end of the year.
Enstack marks Mangrove Capital Partners’ first investment in Southeast Asia. The European venture capital firm previously invested in Skype, Wix, Walk Me, and Twill.
.jpg)
.png)
