TECHNOLOGY startup Packworks said it raised $2 million in seed capital and launched a mobile application for managing sari-sari store operations.
“We’re going to be improving our app structure performance — user interface and user experience — for our open platform, and we’ll be adding services from our partners and adding more brands and products,” Packworks Chief Marketing Officer Ibba Bernardo said during a briefing in Pasay City on Wednesday.
The startup, founded in 2018, received funding from logistics firm Fast Group and private equity firm CVC Capital Partners, in partnership with the Asian Development Bank Ventures, Arise, Techstars, and IdeaSpace Foundation.
According to Packworks Chief Executive Officer Bing Tan, the funds will expand hiring and client acquisition.
He said the company is on track to exceed its target of partnering with over 200,000 stores by the end of 2022.
“Next year, we’re hoping to do 500,000 stores but keeping our fingers crossed,” Mr. Tan said. — Revin Mikhael D. Ochave