Philippines’ Fast Group leads $30m series B round of ecommerce enabler Great Deals
Great Deals E-commerce Corporation, an ecommerce enabler based in the Philippines, has received US$30 million in its latest fundraise.
Lead investor: Philippine logistics firm Fast GroupExisting investor: NavegarOther investor: CVC Capital PartnersStage: Series B
Great Deals will use the fresh funds for tech development and the construction of an automated fulfillment center.The funding and strategic support from investors may open opportunities for the Instant Commerce service, which aims to accomplish deliveries under one hour, according to Great Deals CEO Steve Sy.The company grew 4x in 2020 and counts big brands like Abbott, L’Oréal, Unilever, Nestle, Samsonite, GSK, Bayer, and Fila as customers.In 2020, Great Deals raised US$12 million from Navegar. The startup was planning to “aggressively” expand its presence in the Philippines in a bid to become the country’s own Alibaba and Baozun.……
Philippines Business Investment
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