DIGITAL trading platform provider Etaily has raised $1.6 million in seed funding, which is expected to spur the growth and development of Philippine e-commerce, while preventing the breakout of the so-called retail apocalypse.
“We will not allow the retail apocalypse that happened in the US and Europe because we are giving traditional retailers the digital fighting chance to compete for the local as well as regional market. We are connecting online brands and retailers to Asean consumers by integrating their business offline and online. The most important thing is there is one winner, the final consumer. And we are happy to give them a fighting chance and to support end-to-end throughout their journey,” Etaily chief executive officer Alexander Friedhoff said in their recent webinar, dubbed “Breaking The e-Retail Ceiling In Asean.”
Launched in March 2020, Etaily provides brands with end-to-end omni-channel solutions while integrating their offline and online retail processes and services. This approach will provide traditional retail companies a lifeline into the digital world and continue to connect Filipino brands to their consumers.
The e-retail enabler has generated more than 1 million transactions, made more than 50,000 unique products available to the entire country and beyond, such as Malaysia, Indonesia and Singapore. It has managed over 20 brands across all online channels, activated more than 10 offline retailers for online capability, and has a projected $10 million gross merchandise value revenue for 2021.
“We are seeing actual e-commerce web sites that Etaily helps—they started from zero and are now moving P20 million of goods per month. There is really a large quick growth in the Philippine market. If Singaporean investors are noticing that, we will then be on the same path as Indonesia 10 years ago—we will catch up at a fast pace. We are basically as connected as Indonesia and waiting for outside investors to realize the outside potential of this market,” noted Franco Varona, managing partner of Foxmont Capital Partners.
Digital Pilipinas Convenor Amor Maclang pointed out the advantages that an established e-commerce ecosystem can give homegrown companies:
“More than just e-retail and e-commerce, the Philippines is leading on many frontiers when it comes to technology. We are one of the pioneers in fintech and payment in the world, and all eyes are on us. We want to continue to champion those even in the nascent asset classes like crypto and tokenization. Our journey in e-retail, eMSMEs and e-commerce is not going to be far behind. We really thank platforms like Etaily who have taken the heavy lifting out of the way, and are creating ecosystems that will allow the retailers in the Philippines a true fighting chance.”
Etaily’s initial capital includes investments from Ayala Ventures, Foxmont Capital Partners, Magsaysay Shipping & Logistics, Boston Consulting Group, and other angel investors.