Filipino Startup Shoppable Business Raises P63.9 Million in Oversubscribed Pre-Seed Funding Round

Shoppable Business, a B2B e-commerce marketplace and technology company in the Philippines, has raised $1.15 million (P63.9 million) in oversubscribed pre-seed funding. Foxmont Capital Partners and Seedstars International Ventures co-led the round, with participation from a global network of angel investors with experience in e-commerce, technology, and procurement in the region.

“Our cost-effective e-commerce procurement technology, access to 100 percent authentic branded products and services at wholesale prices with no MOQ, empower entrepreneurs so they can focus on growing their business,” said Carlo Silva, co-founder and CEO of Shoppable Business.

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The funding will be used to grow Shoppable Business's business development team, develop new products and features, and expand into new markets in the region by early 2024. The company aims to digitize procurement and wholesale distribution in the Philippines, making it easier and more efficient for businesses to buy and sell products.

“Sourcing and procurement have traditionally been a very manual and a very challenging experience in the Philippines. The lack of transparency in pricing and difficulty in finding goods at scale and quickly is something Filipino companies have had to deal with for too long,” said Franco Varona, Managing Partner of Foxmont Capital Partners. “Shoppable Business helps to directly solve that problem, and we believe Carlo and his team are exactly the right team to do it.”

Headquartered in Manila, Shoppable Business was founded in 2022 by Carlo Silva and Sam and Chris Blanquera after they “noticed a glaring gap in the market for an efficient and digital procurement system.” Calling traditional B2B procurement platforms “slow, opaque, and painstakingly manual,” the founders decided to capitalize their expertise in the area to create Shoppable Business.

“We're solving the problem of inefficiency, authenticity, and transparency in the procurement process for business owners,” said Shoppable in a statement. “It's also difficult to search for authentic products online, and to compare quotations as they are funneled through messenger apps and email, making it an inefficient process.”

By addressing the pain points in an industry ripe for digitalization, Shoppable aims to save businesses time and money through its services. Through the platform, sellers can consolidate orders, make payments, and arrange shipping.