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PH e-commerce start-up raises $555,000 seed investment

Local e-commerce start-up Prosperna has announced that it raised a seed funding round for a total of $555,000, led by Foxmont Capital Partners.

Foxmont invests in Filipino-focused or Filipino-founded early stage technology start-ups that have the proven ability to scale and lead the Philippine digital evolution. Other investments include 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. 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," Foxmont Capital Partners managing partner Franco Varona said.

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 Velasco's strategy, we realized that the needs of Philippine MSMEs cannot be served with a one-size-fits-all approach. Philippine micro, small and medium enterprises (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," said Keenan Ugarte, managing partner at DCV.

"This investment will drive our ability to level the playing field for small businesses in the country by making eCommerce accessible for everyone," added Velasco, who is the founder and CEO of Prosperna.



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