Etaily, the Philippines’ digital-native retail platform, has secured new strategic investments led by Japan’s Sumitomo Mitsui Banking Corporation (SMBC), through its SMBC Asia Rising fund, bringing its total funding to over $24 million.

Etaily said in a statement on Thursday that other investors in this round include Kaya Founders, JGDEV of the Gokongwei Group as well as other notable Asia-based families.

”For the last five years, we’ve focused on building etaily into a commerce powerhouse for global brands in Southeast Asia. Now it is time to double down on the latest developments in Social Commerce and Livestreaming,

“With our massive focus on fully controlled livestream studios we will be able to offer asset-light operations, and now strengthened partnerships and investors, we are positioned to lead the next wave of online-first, offline-to-follow retail in our regional cluster,” said Alexander Friedhoff, Founder and Chief Executive Officer of etaily.

Etaily is a firm enables some of the world’s best-known consumer brands in Southeast Asia, including Levi’s, Skechers, Abbott, L’Oreal among others.

Etaily operates the eCommerce and marketing arm of more than 80 consumer brands and combines this with brand building, in having built Philippines fastest growing pet food brand Floof Pets next to supplements brands Nutrie among others.

The firm’s gross sales have doubled in the last 12 months as it accelerates growth in the region’s $230 billion retail market.

The investment comes right after etaily was ranked the third fastest growing company in the Asia Pacific (APAC) region, and the fastest growing in the Philippines.

Headquartered in the Philippines, etaily aims to build a multi-country cluster across Malaysia, Singapore, and beyond, enabling brands to enter and scale in Southeast Asia.

A recently announced partnership with WPP Media strengthens etaily’s retail and media enablement capabilities, combining commerce infrastructure with world-class marketing expertise.

The WPP Media Partnership aims to address Social Commerce Needs for clients in the cluster Philipines-Malaysia-Singapore, with recently first lifestyle brands onboarded in this cluster.

It is noted that Southeast Asia’s e-commerce market is projected to reach $230 billion in gross merchandise value (GMV) by 2026, with the Philippines identified as the fastest-growing e-commerce market globally in 2024, expanding 25 percent year-on-year.

According to Bain & Company, the region is expected to gain 140 million new consumers by 2030, with the Philippines leading in digital adoption.

The country also records the highest online utilization rates in Southeast Asia, with users spending an average of eight hours per day on mobile devices.

Founded in 2020 by Alexander Friedhoff, etaily has processed over 40 million orders across Lazada, Shopee, TikTok Shop and brand.com channels.

Its proprietary commerce engine spans the full value chain, from brand development and operations to fulfillment and analytics, including the recently launched Livestreaming, Affiliates and Shortterm video solution.

“As we celebrate ten years in the Philippines, SMBC Group remains dedicated to our Asia Multi-Franchise strategy, leveraging our extensive branch network to strengthen our presence in the Philippines and across the region, striving for the continued economic growth in the Philippines,

“We are excited to contribute to the expansion of local commerce ecosystems and to connect financial services with the evolving digital marketplace through strategic partnerships such as with etaily,” said Katsufumi Uchida, Head of Asia Pacific Division and Managing Executive Officer of SMBC.

It is noted that etaily’s growth has been supported by a range of prominent investors, including major conglomerates like Ayala Corporation, Southeast Asia’s oldest conglomerate, as well as the Gokongwei Group, Landmark’s Cheng family, and the Po family behind Century Pacific Food Corporation.

In 2023 Etaily raised its last funding round, a Series A which was led by an investment from Taiwan’s SKS Capital and Singapore’s Pavilion Capital, a private equity firm under Temasek Holdings. Other investors include the Magsaysay Family, Kaya Founders, Japan’s SBI (former Soft bank) ICCP Fund and Foxmont Capital.

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