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Friday, December 8, 2023

Philippine e-commerce platform for parents raises $35 million

Online-to-offline (O2O) e-commerce platform edamama closed its Series A+ funding round, raising over $35 million in total funding.

Ayala Corporation Technology Innovation Venture (ACTIVE) Fund, the largest venture capital fund in the Philippines managed by Kickstart Ventures and supported by Ayala Corp. and its subsidiaries led the funding round.

Existing investors Kickstart Ventures, Gentree Fund and Innoven Capital also participated in the round, alongside new investor South Korean retail giant GS Group.

Nishant D’Souza, co-founder of edamama, said: “We are excited to strengthen our collaboration with the Ayala ecosystem with this strategic investment from ACTIVE Fund, especially to unlock further synergies across the Ayala Malls network as we expand our physical stores nationwide next year. We are immensely grateful for the continued trust from our repeat investors, and are honored to welcome our new partners, GS Group, with their first direct investment in the Philippines. This funding will accelerate our offline roll-out and private label product development, providing even more value and accessibility to our customers wherever they choose to be – online or offline.”

“We are truly inspired by the potential of the edamama platform to empower more Filipino parents and families. Building on our outstanding partnership with edamama through Kickstart’s initial investment in 2021, we are delighted to continue supporting them via Ayala Corporation’s ACTIVE Fund to help bring about a frictionless future where affordable, quality products are made easily available to more Filipino families. With this recent funding round, we are also thrilled to welcome Korea’s GS Group to the edamama cap table. Their experience and strategic insights make a significant and valuable addition to the growth of edamama,” said Minette Navarrete of the ACTIVE Fund.

The fund raised from the round will fuel the company’s expansion strategy, intensifying its offline retail footprint across the Philippines. Following successful pilot pop-up stores in Robinsons Magnolia and Robinsons Manila malls, the company plans to mark another milestone with the launch of a new store at Ayala Vertis North before year-end.

Along with the funding news, edamama welcomed four seasoned e-commerce and retail professionals to strengthen its leadership team.

Joining edamama’s board of directors, Miguel Fernandez brings over two decades of experience from influential roles at e-commerce giants such as Coupang, Amazon and Dell. His CFO expertise, honed during stints at Carsome and Philippine fintech unicorn Maya, will provide strategic guidance on Profit and Loss (P&L) at edamama.

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