1Export, a tech-enabled exporting company based in the Philippines, has raised an $800,000 seed round to scale their technology and expand to Indonesia, according to media reports. The latest funding round was led by Foxmont Capital Partners, a Philippine venture capital that invests in Filipino-founded early-stage technology startups.
The funding round also saw other investors like Manila Angel Investors Network and Kerubin Capital, IdeaSpace Foundation, Singapore-based Iterative, and other private investors.
With the latest seed funding, 1Export aims to develop and improve its order handling capabilities, marketing services, financing, and other third-party integrations on its platform. The company has a lifetime revenue of $1.5 million and service availability in 23 countries and this helped draw investors during its funding round.
Mel Nava, founder and CEO of 1Export told the media, “Businesses all over the world are evolving at a rapid pace, even amid a global crisis, thanks to technology. It’s time that businesses in the Philippines, especially micro, small, and medium enterprises, keep up with this digital transformation as well. 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 helps medium to small business enterprises (MSMEs) in the Philippines grow their business and expand in different countries using digital tools and platforms. Earlier this year, 1Export generated around $500,000 in export sales, accounting for 0.2 percent of the total Philippine exports. Currently, the company has 450 supplier partners on its platform and distributes an overall volume of 4,000 tonnes of products. Eventually, 1Export plans to expand its business in 60 countries by the end of 2022.