Philippine E-Commerce Startup Shoppable Raises Funding From Foxmont, Seedstars

Shoppable Business, a Philippine B2B e-commerce startup, has raised $1.15 million in pre-seed funding in a round led by Manila-based Foxmont Capital Partners and Seedstars International Ventures in Geneva.

Founded in 2022, Shoppable has more than 1,400 suppliers and over 300 buyer companies on its platform. The startup says it is the only end-to-end B2B platform in the Philippines that provides e-commerce and procurement technology, marketing, sales support, procurement outsourcing, logistics, financing and payment infrastructure.

Foxmont Capital Partners, which says it is the first independent Philippine venture capital firm, focuses on investing in Filipino-focused or Filipino-founded early-stage technology startups. Its portfolio includes Etaily, which helps stores embrace e-commerce and made the 100 to Watch list last year, and Kumu, the most popular homegrown social media app among Filipinos. Earlier this year, Foxmont raised a $21.3 million second venture capital fund, which, according to the firm, makes it the largest independent Philippine VC firm.

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Shoppable is the latest investment in Asia e-commerce by Seedstars. Its other investments include Manila-based Humble Sustainability and Dastgyr Technologies in Pakistan, which last year raised $37 million in the country’s largest-ever Series A funding.

Shoppable’s previous investors include AHG Lab, one of the largest venture studios in the Philippines. Shoppable is led by cofounder and CEO Carlo Silva, who previously founded Philippine co-working space provider Weremote, which is backed by AHG Lab.

“Shoppable is an innovative platform that addresses a critical gap in B2B procurement in Southeast Asia,” Patricia Sosrodjojo, general partner at Seedstars, said in a statement. “By improving access and transparency, Shoppable’s aim is to solve the pain points of procurement for businesses. We look forward to supporting their vision to make B2B procurement in the Philippines more efficient, accessible, and reliable.”

“Sourcing and procurement have traditionally been a very manual and a very challenging experience in the Philippines,” Franco Varona, managing partner of Foxmont, said in a statement. “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.”

According to a report by Google, Temasek and Bain & Co., Southeast Asia’s e-commerce market grew from $43 billion in gross merchandise value in 2019 to $131 billion last year. The report forecasts the region’s e-commerce market will grow to $211 billion by 2025.