A membership-based e-commerce company CashCashPinoy, which provides an end-to-end solution for “flash sales” in the Philippine market, has raised $2 million from Singapore-based Private Equity firm, Hera Capital, and released a new version of its proprietary platform.
CashCashPinoy’s newly released platform is known as “REVO”, which provides an end-to-end solution for operating subscription-based flash sales in a similar vein to Gilt, Ideel, and One Kings Lane. It provides tools for product sourcing and fulfillment, IT management, data analytics, content creation, fraud management and customer support.
According to a TechCrunch article, CashCashPinoy was founded by Frédéric Lévy, who moved to the Philippines seven years ago from France after selling his stake in Rouge, the digital agency that he co-founded. Since its launch three years ago, CashCashPinoy has grown to become a leader in the Philippines market with more than 1.5 million consumer buyers.
According to the company’s Friday announcement, the new funding will be used “to further accelerate the strategies for long-term growth of the company and its members based in the Philippines.” The latest investment brings CashCashPinoy’s financing to over $4 million.
Hera Capital Managing Partner Sebastien Guillaud said in a statement, “Our investment will exclusively be used to accelerate the growth of CashCashPinoy in the Philippines, a country of more than 100 million people increasingly embracing e-commerce. Our capital and operational support will focus on further enhancing the online customer experience and build the largest base of loyal online consumers in the country.”
Three months ago, it launched a mobile version of its web platform, and now 60 percent of CashCashPinoy traffic is already coming from mobile phone or tablets users, reflecting the demographics of the userbase.