Peddlr, a Philippine-based startup offering digital accounting/bookkeeping, inventory management, and digital storefront for Filipino micro and small enterprises has raised $500,000 in an oversubscribed Pre-Seed round.
Leading the funding round for Peddlr was Foxmont Capital Partners, an independent venture capital firm with a strong focus on the Philippines; with participation from Paulo Campos (Zalora), Constantin Robertz (Locad) and Lisa Gokongwei backed Kaya Founders Investment SPV PTE. LTD.
The round also saw participation from Luis Sia (PayMongo), Aaron Kemmer (Magic), Richard Juan, and other strategic angel investors.
Founded by CEO Nel Laygo, COO Aiko Reyes, and founding developers Francis Dela Cruz, Mel Francis Separa and Nelson Bathan Jr, Peddlr serves as an avenue for MSMEs to partake in the rapid digitalization of the Philippine economy.
Despite employing 63 percent of the Filipino workforce and contributing a significant 40 percent towards Philippines’ GDP – MSMEs have been lagging in terms of digital transformation.
By introducing a free digital bookkeeping app, Peddlr is able to reshape the way of millions of local MSMEs record sales, manage credit, and track inventory.
“MSMEs have been eager to join the digitalization of the Philippines and we look forward to Peddlr becoming a key part of that transformation. Nel’s passion and understanding of his users clearly shows in the product, which has already become essential to many,” said Nico Sibal, Director of Portfolio Management of Foxmont Capital Partners.
Since its official launch in July of 2021, Peddlr has exhibited remarkable organic growth, having built a dedicated community of MSMEs who have replaced the traditional pen and paper manner of business management with digital mobile tools.
The company’s technology accelerates the bookkeeping process through digital – cash, credit, and payment – ledgers, allows merchants to track inventory, and increases cash flow visibility with auto-generated financial reports.
Furthermore, the platform’s online store-front feature enables MSMEs to directly participate in the digital economy in just a few simple steps. The wide suite of solutions on the Peddlr platform paves the way for the digital transformation of the previously underserved MSME segment.
“Our unofficial motto is “by founders, for founders”—and we see Nel as a champion of the same cause. Nel brings with him years of regional experience in supply chain and finance operations and has a deep understanding of the specific pain points faced by Filipino MSMEs. The tools that his team is building are designed with the everyday sari-sari store owner in mind, to ensure utility and maximum adoption.” Said Lisa Gokongwei of Kaya Founders Investment SPV PTE. LTD.