Brief: Filipino ecommerce site Poundit raises six-figure funding

Photo credit: Robbert Noordzij.

Philippines-based Poundit is an ecommerce startup for electronics, gadgets, and accessories. It recently changed its name from YouPoundIt to Poundit.

Competitors: Widgetcity, Kimstore, Lazada

How it compares to competitors:  The startup claims to have built partnerships with global tech brands, which enables it to feature a curated selection of authentic and authorized products at competitive prices. 

Traction

Poundit reports a fast-growing customer base, with a triple digit growth and a seven-figure revenue since its inception in 2014. but didn’t share hard numbers. It was named 2015 Retail Startup of the Year at the ASEAN Rice Bowl Startup Awards. 

Funding details

Amount raised: US$127,628
Funding stage: Seed funding
Lead investor: Cocoon Capital
Investment type: Equity
Purpose: Team development, business expansion, and customer experience programs
Total disclosed funding to date: N/A

Converted from Singapore dollar. Rate: US$1 = SGD 1,35.

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