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.
The funding was led by Foxmont Capital Partners, a Philippine venture capital that invests in Filipino-focused or Filipino-founded early-stage technology startups, and included the participation of a consortium from the Manila Angel Investors Network and Kerubin Capital, IdeaSpace Foundation, Singapore-based Iterative, and other private investors.
With the new investments, 1Export aims to develop and improve its order handling capabilities, marketing services, financing, and other third-party integrations within its platform. Its lifetime revenue of $1.5 million and service availability in 23 countries warranted interest from the investors.
“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,” said Mel Nava, founder and CEO of 1Export. “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.”
1Export was founded in 2016 to help MSMEs in the Philippines grow their business and expand in different countries using digital tools and platforms. In June 2021, the company generated around $500,000 or P25 million in export sales, accounting for 0.2% of the total Philippine exports. It currently lists 450 supplier partners on its platform and distributes an overall volume of 4,000 tonnes of products, which are a mix of food and non-food products. 1Export plans to expand to 60 countries by the end of 2022.
“In this time of crisis, Bayanihan is what will get us out of this. For 1Export, this means enabling Filipino businesses to go global. In the ever-changing landscape of e-commerce, we hope to be able to provide solutions that not only fit the needs of the here and now but to radically transform how Filipino businesses think of exporting,” said Daniel Remo, COO, 1Export.
More than just an e-commerce or logistics platform, 1Export vets Filipino products to be cross-border compliant, allowing local businesses to follow the regulations of the market they want to explore or expand to. The company also offers all-around exporting services such as compliance documentation, product labeling, logistics, export facilitation, and intensive business matching, which helps local businesses identify which of their products fit certain markets. 1Export’s comprehensive services help reduce time and costs by up to 80% for export.