Filipino E-Commerce Juggernaut Great Deals Raises P1.4 Billion in Funding
Local tech startup Great Deals E-commerce Corp. raised a total of $30 million or ₱1.4 billion in its Series B funding round, making the total amount the company has raised in private equity funding at $42 million or ₱2 billion.
The latest funding round was led by local logistics company Fast Group with the support of major global private equity firm CVC Capital Partners and existing investor Navegar.
Steve Sy, Founder & CEO of Great Deals E-Commerce Corporation and William Chiongbian II, President & CEO of Fast Group.
This comes more than a year after the local tech startup secured $12 million or ₱600 million from Navegar during the Series A round in January 2020.
Great Deals founder and CEO Steve Sy stated that a strategic partnership with a logistics company and the support of new investors will enable the e-commerce juggernaut to move towards reaching and serving more Filipinos faster and safer with 'instant commerce'.
According to Great Deals, most of the funding will be used for the construction of its network of automated 'micro' and 'mega' fulfillment centers in key urban cities.
The Alibaba eFounders fellow also unveiled plans to build an omnichannel business solution that can turn a business’ social media pages into online stores, and further enhance the online shopping experience of consumers in the Philippines with improved tech and solutions.
Founded in 2014, Great Deals addresses the needs of various brands in selling merchandise online with solutions spanning from end-to-end e-commerce services, digital content and web design assistance, warehousing and fulfillment, analytics, and chat support. The company’s client list includes multinational companies Abbott, Crocs, L’Oreal, Nestle, Reebok, Samsonite, and Unilever, among others.