Manila-based tech-enabled exporting company 1Export has announced it has raised a $800,000 seed round that will enable them to scale their operations and expand to Indonesia.
Anna Melissa Nava, founder and CEO of 1Export said the funding was led by Philippine-based venture capital Foxmont Capital Partners with the participation of a consortium from the Manila Angel Investors Network and Kerubin Capital, IdeaSpace Foundation, Singapore-based Iterative and other private investors.
With the new investments, Nava said 1Export plans to develop and improve its order handling capabilities, marketing services, financing, and other third-party integrations within its platform. She noted the lifetime revenue of $1.5 million and service availability of 1Export in 23 countries generated interest from the investors.
“Businesses all over the world are evolving at a rapid pace, even amidst a global crisis, thanks to technology. It’s time that businesses in the Philippines, especially micro, small and medium enterprises [MSME], keep up with this digital transformation as well,” said Nava news statement released on Wednesday.
“The latest seed round will help us at 1Export scale up our tech platform and services to ultimately support Filipinos MSMEs, contribute to Philippine exports, and create a distinctly Filipino footprint in other markets.”
Founded in 2016, 1Export aims to help MSMEs in the Philippines grow their business and expand in different countries using digital tools and platforms. In June 2021, the company generated around $500,000 or P25 million in export sales, accounting for 0.2 percent of the total Philippine exports. It has currently 450 supplier partners on its platform and distributes an overall volume of 4,000 tons of products, which are a mix of food and non-food products. 1Export plans to expand to 60 countries by the end of 2022.
“In this time of crisis, Bayanihan is what will get us out of this. For 1Export, this means enabling Filipino businesses to go global. In the ever-changing landscape of e-commerce, we hope to be able to provide solutions that not only fit the needs of the here and now, but to radically transform how Filipino businesses think of exporting,” added Daniel Remo, chief operating officer of 1Export.
Aside from being an e-commerce platform, 1Export evaluates Filipino products if these are cross-border compliant, allowing local businesses to comply with the regulations of the market they want to explore or expand to. The company also offers all-around exporting services such as compliance documentation, product labeling, logistics, export facilitation, and intensive business matching, which helps local businesses identify which of their products fit certain markets. 1Export’s comprehensive services help reduce time and costs by up to 80 percent for export.