Packworks founding team
Packworks, a Filipino mobile ERP (enterprise resource planning) platform for sari-sari store owners, has received US$2 million in a seed investment round.
Led by Fast Group and global PE firm CVC Capital Partners, the round also has been joined by ADB Ventures, Arise, Techstars, and IdeaSpace Foundation.
Packworks will use the funds to develop The Pack: SuperStore App, increase the breadth of offerings and improve its user journey.
It also plans to build a department that directly engages the sari-sari stores, provide additional services with partners, and build an open platform for financial institutions and brands to connect directly with store owners.
“We bootstrapped our way to helping 150,000 sari-sari stores. We’re helping communities all over the Philippines to grow and become more resilient. Imagine how many more we can help with all these awesome partners. Our vision is now global,” said Co-Founder and CMO Ibba Bernardo.
Also Read: GrowSari announces a US$77.5M Series C funding round, brings total funding to US$110M
Packworks started in 2018 as a solution for multinational companies in the Philippines to connect with neighbourhood stores. The company enables store owners to process their business inventory, bookkeeping, and data collection through The Pack: SuperStore App. They can also avail themselves of financial products and order supplies for a lower price without the hassle of coordinating and purchasing new stocks.
By 2019, Packworks rolled out nationwide with 220 stores and a gross merchandise value (GMV) of US$400,000. After a year, it gathered 27,828 stores with US$30 million GMV, reaching 130,000 stores with US$139 million GMV in 2021.
It targets to onboard 220,000 stores by the end of 2022 and 500,000 by the end of 2023.
“We think of ourselves as the railway or expressway infrastructure and not as the gas station or fast food shop operator. We expand partnerships to provide these services to our stores, such as inventory financing, e-payments, and micro-insurance,” Bernardo said.
It also aims to reduce the interest cost and handle money through access to e-payments.
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