Great Deals E-Commerce, a Filipino end-to-end e-commerce service platform that handles everything from digital content, web design, analytics, and chat support, has just announced that it has raised $30 million in a Series B round led by Philippine logistics firm Fast Group. The round was also participated in by global private equity and investment advisory firm CVC Capital Partners and returning Philippine-based investor Navegar.
The $30 million round follows the startup’s $12 million Series A that was closed in January 2020. The round was led by returning Philippine-based private equity firm Navegar. Its Series A fund was used by the startup to expand in the country by enhancing its infrastructure, IT, warehouse capabilities, and technology solutions.
The e-commerce startup was founded in 2014 by current CEO and Alibaba eFounder fellow Steve Sy. The company found its place in the market as Sy saw an opportunity to deliver a solution that would help Filipino entrepreneurs like himself to catch up to the rest of the world in the internet economy. Great Deals is an end-to-end e-commerce service platform that provides its users with an array of services from digital content, web design, analytics, and chat support. Its clientele includes companies such as Reckitt Benckiser, Nestle, Samsonite, Reebok, Crocs, L’Oreal, Abbott, GSK, Bayer, Fila, and Unilever.
“With this funding and strategic support from our new investors, this opens new opportunities to drive forward Instant Commerce, delivery under one hour, wherever you are. We can reach and serve more Filipinos faster and safer,” Sy shared in a statement.
Great Deals plans to use its Series B fund to build an automated fulfillment center that will concentrate on tech development. This will be a big help for the company to meet the growing demand for e-commerce in the Philippines. In an interview with TechCrunch, Sy has also expressed his intentions of expanding regionally by next year.
Fast Group’s investment will not only help fund the company’s new automated fulfillment center, but it also marks the start of a strategic partnership between the two companies. With a fleet of over 2,500 vehicles and more than 90,000 stores within its network, Great Deal will most definitely be able to see more growth.
William Chiongbian II, CEO of Fast Group, shared his thoughts on the group’s investment in Great Deals: “The Fast Group sees a lot of synergies with Great Deals in building capacity. We are privileged to contribute to the growth of Philippine e-commerce, as it relies heavily on a strong supply chain backbone.”
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