Filipino Shop-Building Startup Raises P27.7 Million in Seed Funding
Prosperna is the latest Filipino startup to attract investors, raising $555,000 (or P27.7 million) in a seed funding round led by venture capital firm Foxmont Capital Partners, a local VC that invests solely in Filipino startups. TechInAsia was the first to report the news. Aside from Foxmont, Johnsen Global Ventures also joined the round. The startup had previously secured an investment from DayOne Capital Ventures.
Prosperna, which helps MSMEs build ecommerce platforms of their own, will be using the sizable funds raised to expand its platform as it aims to increase its customer base to 100,000 small businesses.
“In 2020, the Philippines clocked in with the highest average internet usage per person with almost 12 hours per day, which is rapidly fueling behavioral change,” said Franco Varona, managing partner of Foxmont.
Prior to Prosperna, Foxmont invested in ecommerce platforms Etaily and Edamama. Some of the other Filipino startups it has invested in are: Kumu, Podcast Network Asia, Kraver’s Kanteen, and NextPay.
What is Prosperna?
Prosperna is a Filipino startup that is, essentially, a one-stop shop to set up your own shop. As online buying and selling becomes the norm for Filipino consumers, Prosperna positions itself as a platform that makes ecommerce simple for Philippine MSMEs.
With Prosperna, small businesses can create an online store, sell products on multiple platforms, accept various types of payment methods, and choose their shipping partners. The platform consolidates all the processes needed to set up an online brand through its “point ‘n click page builder,” “1-click payment integrations” and “1-click shipping integrations.”
The startup caters to small businesses from all industries, and its services for Philippine MSMEs are affordable. The fees range from P495 a month for the Starter pack to P4,995 per month for the Premium pack.