E-commerce enabler Great Deals has raised $30 million (about P1.4 billion) in Series B funding led by logistics service provider Fast Group
The funding round was led by Fast Group with support from private equity firms CVC Capital Partners and Navegar
The new capital will be deployed in technology development and construction of an automated state-of-the-art fulfillment center, both critical to meet growing demand in e-commerce and to level-up the game in customer experience
E-commerce enabler Great Deals e-Commerce Corp. has raised $30 million (about P1.4 billion) in Series B funding led by logistics service provider Fast Group.
Fast Group was supported by private equity and investment advisory firm CVC Capital Partners and private equity firm Navegar. Navegar had already infused $12-million Series A fund into Great Deals.
The new capital will be deployed in technology development and the construction of an automated state-of-the-art fulfillment center which are both critical to meet the growing demand in e-commerce and to level-up the game in customer experience, Great Deal said in a statement.
Great Deals founder and chief executive officer (CEO) Steve Sy said: “We recognize that Philippine logistics is by far the toughest across the ASEAN region and remains to impede our e-commerce penetration outside GMA (Greater Manila area). With this funding and strategic support from our new investors, this opens new opportunities to drive forward instant commerce—delivery under one hour, wherever you are. We can reach and serve more Filipinos faster and safer. That is the next big thing that can boost further the digital economy in our country.”
For his part, Fast Group founder and CEO William Chiongbian II said their group “sees a lot of synergies with Great Deals in building capability.”
“We are privileged to contribute to the growth of Philippine e-commerce, as it relies heavily on a strong supply chain backbone,” Chiongbian added.
CVC Capital Partners managing director and head in the Philippines Brice Cu said they “envision strategic collaborations between Great Deal’s high-growth e-commerce solutions and Fast’s leading position in Philippine logistics.”
He noted the partnership marks Fast’s first merger and acquisition transaction since CVC’s investment in the logistics group last year.
Great Deals was founded in 2014 and offers end-to-end business solutions ranging from digital marketing, content creation, storefront management, web design, business analytics and customer service to warehousing and peak-scaling fulfillment.