Foxmont Capital Partners, a Philippine-based early-stage venture capital firm, has led the $555,000 seed funding in Prosperna, a local online store builder.
The funding round was also joined by key investors including Johnsen Global Business Ventures. All of which was a follow-on to Prosperna’s first investor, DayOne Capital Ventures (DCV).
Prosperna’s ecommerce platform enables Philippine MSMEs to market and sell their products everywhere (like Lazada, Shopee, Facebook, Onstagram, and Viber to name a few) with their own online store and start accepting digital payments or cash on delivery (COD) and automatically book shipping – all without any technical experience.
Part of the $555,000 fresh funding will be invested in expanding the startup’s range of features and growing and supporting its customer base of MSMEs.
“This investment will drive our ability to level the playing field for small businesses in the country by making eCommerce accessible for everyone,” said Prosperna’s Dennis Velasco.
Today, Prosperna’s making ecommerce easy with software made specifically for Philippine MSMEs. Powered by their local customer success team and double-digit growth, they’re helping Philippine MSMEs create their own online branded store so that customers can buy from them directly.
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 eCommerce and we’re excited to support their growth,” Varona stressed.
Foxmont Capital Partners is an early-stage venture capital fund that invests in Philippine startups. Its portfolio companies include Kumu, Kravers Canteen, and Edukasyon.ph.
The firm is looking to make the first close of its second investment vehicle by the third quarter of this year, with a target of $20 million.
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