Resellee, a social e-commerce platform based in the Philippines, announced today it has raised a US$1 million in seed financing from investors, including Mintech Enterprises and Hofan Capital.
The startup will utilise the money to grow its local operations and expand regionally in 2021.
“Resellee plans to deploy the proceeds of the fund on capital investments to further enhance its product development and innovation with new app features such as group buying, AI and microfinancing, among others. The new features will make it easier for our resellers and merchants to earn more income,” Founder and CEO Marc Concio said in a statement.
“The funds will also enhance our marketing efforts and supply chain innovation, specifically in agriculture as we want to dominate the online agriculture market to help our farmers and resellers as part of our vision,” he added.
Resellee was co-founded by Marc Concio, Glenn Quiro, Aaron Madolora, Jason dela Rosa and Lorraine Macapagal. The app allows any Filipino to buy and sell products to his/her network of friends on social media without having to buy products or inventory.
Its vision is to provide a sustainable and scalable zero-capital (locally dubbed as puhunan) online business to millions of Filipinos, who are unemployed, underemployed or seeking additional income, while at the same time helping merchants, small medium businesses and farmers sell their products online through thousands of resellers and buyers.
The company claims it has thousands of products and services on its platform — ranging from fashion and electronics, to fruits and vegetables. Its competitive advantage lies in the affordability of the products, as compared to conventional supermarkets and e-commerce sites, it claims.
Resellee also said it is able to keep its prices low through its direct partnership with farmers that enables resellers to obtain them at a fraction of the cost. These savings are further passed on to customers.
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