Philippine-based fintech firm Peddlr has raised US$4.3 million in its seed funding round led by Patamar Capital and Crestone Venture Capital.
Existing investors including Foxmont Capital Partners and Kaya Founders also took part in the financing, along with several angel investors like Antler co-founder Jussi Salovaara, Antler Indonesia partner Subir Lohani, and Antler Southeast Asia associate partner Markus Bruderer.
Peddlr is an inventory and financial management startup that helps MSMEs with inventory management and bookkeeping. Its app also comes with digital ledgers and a storefront for businesses.
“MSMEs have been the driving force behind the Philippines’ economy,” said Inanc Balci, co-founder of Crestone Venture Capital. “However, the lack of digitalization of their businesses, data, and access to credit limited their growth.”
The new capital will fuel Peddlr’s user growth, helping it hit 1 million MSMEs by the end of 2022. It will also use the funds to speed up the rollout of new app features and digital products that will help neighborhood stores and micro entrepreneurs earn more.
Peddlr’s latest investment comes amid a surge in funding for fintech startups in the Philippines, where total funding for the first half of 2021 hit US$342 million, more than double 2020’s total of US$137 million.
Other investors in the round include:
500 Southeast Asia
Summit Media president Lisa Gokongwei
Zalora Group chief commercial officer Giulio Xiloyannis
Zalora Group COO Rostin Javadi
Kippa founder and CEO Kennedy Ekezie-Joseph