Philippine e-commerce startup Prosperna said it has raised $555,000 in seed funding led by Foxmont Capital Partners.
Foxmont invests in Filipino-focused or Filipino-founded early-stage technology startups that have the proven ability to scale and lead the Philippine digital evolution. Its investments include a host of other Philippine startups such as Kumu, Podcast Network Asia, Expedock, Etaily, and Kraver’s Kanteen.
“In 2020, the Philippines clocked in with the highest average internet usage per person with almost 12 hours per day which is rapidly fueling behavioral change,” said Franco Varona, managing partner of Foxmont Capital Partners.
“We changed the way we ate, the way we paid our bills, and the way we buy and sell products and services. Prosperna makes it extremely easy for Philippine MSMEs to get started with e-commerce and we’re excited to support their growth,” he added.
Other key investors that joined the round include Johnsen Global Business Ventures. All of which was a follow on to Prosperna’s first investor, DayOne Capital Ventures (DCV).
“When we first heard Dennis’ strategy, we realized that the needs of Philippine MSMEs cannot be served with a one-size-fits-all approach,” said DCV managing partner Keenan Ugarte, referring to Prosperna founder and CEO Dennis Velasco.
“MSMEs are the backbone of the Philippine economy, and it’s great to see that a company like Prosperna is addressing their needs at a time when it’s most critically needed,” Ugarte added.
Prosperna’s mission, according to Velasco, is to empower 100,000 Philippine MSMEs with simple and affordable e-commerce software.
Velasco said part of the seed funding will be invested in expanding Prosperna’s range of features and in growing and supporting their customer base of MSMEs.
Prosperna’s e-commerce platform enables MSMEs to market and sell their products everywhere—from Lazada to Shopee, Facebook, Instagram, and Viber, among others – and start accepting digital payments or cash on delivery (COD) as well as automatically book shipping—all without theneed for any technical experience.
“This investment will drive our ability to level the playing field for small businesses in the country by making e-commerce accessible for everyone,” Velasco said.
For more information about Prospena, you may visit www.prosperna.com or call +63917.659.1948.