Venture capital firm Mangrove Capital Partners leads the $3-million Series A investment in Enstack, a superapp that aims to assist small and medium enterprises in digitalizing their businesses.
Founded by former Shopee Philippines country lead Macy Castillo and Skype co-founder Geoffrey Prentice, Enstack provides small and medium enterprises (SME) with an end-to-end app to manage their businesses, including multiple storefronts, inventory, and integrated payment and shipping solutions.
Enstack came out of beta in October last year and saw a five times growth in the fourth quarter of 2022. The startup expects to grow by another 10 times by year-end. Bannered by leading merchants in food, fashion, and beauty, the app’s growth highlights the appetite of SMEs to digitize business operations.
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“Enstack’s mission is to empower underserved SMEs with integrated tools that grant flexibility, in a business landscape that is shaping-up to be a combination of both online and offline commerce,” Castillo said.
Enstack’s key investors help support the company’s strategic initiatives. This investment marks Mangrove Capital’s first in Southeast Asia after a rich history of backing global tech leaders including communications giant Skype and website builder Wix. Other participants include Southeast Asia payments unicorn Xendit, who is excited to be an active partner in addressing the urgent need for digital payments in small businesses, and William Kim of Shinsegae International whose expertise in health and beauty helps the superapp marry industry insights with the team’s hyperlocal SME knowledge.
“We firmly believe in Enstack’s capacity to set the standard of how tech for SMEs should be done, marrying technical know-how with a thorough understanding of the market’s local nuances,” said Mark Tluszcz, CEO of Mangrove Capital and chair of Wix. “This shared milestone excites us to further help empower underserved SMEs in the region.”