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Social commerce startup SariSuki raises US$7.1 million

(Source: Sarisuki)

Philippines community grocery startup, SariSuki, has bagged US$7.1 million in a new funding round, raising the company’s total raised fund to date to US$10.5 million.

The round, joined by Openspace, Susquehanna International Group (SIG), Global Founders Capital (GFC), Saison Capital, JG Digital Equity Ventures, and Foxmont Capital Partners, allows SariSuki to venture into quick commerce to become an end-to-end e-grocery platform in the country. 

Founded last year by Brian Cu, who was a co-founder of Zalora Philippines and former president of Grab Philippines, SariSuki commits an under-15-minute grocery delivery service within its coverage areas, serving more than 60,000 consumers during the past nine months.  

“We are a set of founders that grew up in the Philippines and have an understanding of our market,” said Cu. “Quick commerce is a way for us to expand into serving the segment of our market that seeks hyper-convenience for a hyper-local product mix for their daily needs.”

The company adopts an agent-assisted model, servicing its consumers through “community leaders”. SariSuki said the model has enabled it to offer supermarket quality products at wet market prices.

According to Statista, the Philippines’ e-commerce market is estimated to reach US$15 billion by 2025. However, the adoption of e-commerce into the grocery sector in the country remains low, with only 3 per cent of businesses operating online.

“We recognised that the trust that those communities are putting in their community leader, who consistently delivers high-quality local produce, will help to rapidly accelerate vital e-commerce adoption,” said Hian Goh, co-founder of Openspace.

“In our view, the high density, growing disposable income, maturing digital connectivity and sheer population size in key urban areas in the Philippines, finally set the stage for the next cohort of large consumer-facing tech businesses in the country,” concluded Tito Costa, partner at Global Founders Capital.

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