Filipino Flower and Gifting Ecommerce Startup Closes Pre-Series A Funding Round
FlowerStore Group, a Filipino ecommerce startup focusing on flowers and gifts, has closed a pre-Series A funding round, the company announced on Thursday (November 11). The funding was led by Gobi Partners, a joint-venture fund with Core Capital, through its Gobi Core Philippine fund. Also participating were Intera Investments, HH Investments, Manila Angel Investors Network, Ideaspace Foundation, and other international investors.
FlowerStore Group had previously previous $1.5 million in a Seed Round in 2019. The amount of the pre-seed funding was undisclosed.
In a news release, FlowerStore Group said the fresh funds will be used to focus on expansion in the rest of Southeast Asia, with initial plans to set up local operations in Thailand and Malaysia. The financing will also be used “to continue strengthening its position in the Philippines and Vietnam as the leading destination for flowers and gifts.”
“Despite the challenges that the pandemic brought, we have seen our growth accelerating in the Philippines and Vietnam and want to continue replicating our success in other markets,” said FlowerStore Group founder and CEO Saul Molla. “We have achieved profitability during last year and this fundraising round and the support received from established venture capital firms make us extremely optimistic for the future.”
“Since our group first met Saul in early 2019, we have always been impressed by the focus, discipline, and resourcefulness of the team - and more so during the course of this pandemic,” said Ken Ngo, managing partner of the Gobi-Core Philippine Fund. “We believe that given our fund's mandate, the timing for us to invest into FlowerStore is right now and we can't be more excited to work with their team and other investors to support their growth nationally and to other parts of the region.”
Founded in 2018 in the Philippines, FlowerStore is now a leading floral and gifting ecommerce company in the region. It counts thousands of customers across the Philippines and Vietnam, offering a wide range of products across many different categories, including flower bouquets to personalized products, cakes, gourmet products, plush toys, preserved flowers, plants, and other gift ideas. The company aims to become the one-stop destination for gifting in Southeast Asia.