Packworks Raises US$ 2M in Seed Funding

Packworks, a Philippines-based provider for a mobile enterprise resource management (ERP) platform, has raised US$2M in Seed financing.

Fast Group and CVC Capital Partners facilitated the round. ADB Ventures, Arise and Techstars were also present.

The company plans to use the funds to build The Pack: SuperStore App, expand its offerings, and improve its user experience. It plans to create a department that directly engages sari-sari shops and provide additional services to partners. Additionally, it will build an open platform for brands and financial institutions to connect directly to store owners.

Bing Tan, CEO of Packworks, was the founder and CEO of Packworks. The platform allows sari-sari owners to be more efficient in managing their businesses. The platform was initially created to allow multinational companies in the Philippines access local stores. However, it has become a way to lift millions of sari sari store owners out of poverty.

Packworks currently has 150,000 stores nationwide and plans to have 220,000 by 2022 and 500,000 by 2023.

FinSMEs

28/07/2022

28 July

Packworks is a platform that will allow other institutions to help the base pyramid by addressing the challenge of sari-sari stores by enabling the value chains and empowering all parties in the sari sari ecosystem.

“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.

The Saripreneurs Companion

Through The Pack: SuperStore App, store owners can process their business’ inventory, bookkeeping, and data collection. They can also access financial products and order supplies at a discounted price without having to coordinate or purchase new stocks.

The app is easy-to-use with low bandwidth and a small footprint. It will allow users process their businesses more efficiently and address the high cost of poverty. Store owners are subject to the highest interest rates and have to pay more for consumer goods.

It also aims at lowering the interest cost and handling money by allowing access to e-payments.

Hubert Yap, Bing Tan and Ibba Berno started the company as a motorcycle trip to bring solar panels into isolated communities. They then came up with an idea to help micro-entrepreneurs by providing scalable, accessible technology.

They saw firsthand the difficulties faced by sari-sari shop owners in remote areas. They promised to share their technical expertise and inspire them towards using technology.

“We observed that these stores have a hard time tracking their inventories and getting supplies for their stores, especially the ones in the provinces. That’s when the idea of making a one-stop app for everything pops out,” Tan said.

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