edamama, an e-commerce startup targetting millennial mothers in the Philippines, has secured an undisclosed amount in debt funding from Innoven Capital.
This brings the company’s total investment raised thus far to over US$6 million. In July, edamama bagged US$5 million from a clutch of investors, including Gentree Fund, Robinsons Retail Holdings, Kickstart Ventures, Foxmont Capital and angels.
The deal marks Innoven’s first-ever investment in the Philippines.
The company will use the new capital to accelerate its logistics and fulfilment capabilities in advance of a Series A funding round early next year.
Also Read: edamama, an e-commerce platform for moms in Philippines, raises US$5M
edamama was established in 2020 by the husband-wife duo of Nishant and Bela Gupta D’Souza. edamama offers over 25,000 SKUs spanning nearly 1,000 brands. The company said in a press note that it leverages a personalized, content-driven approach to provide a digital gift registry, baby product subscription services, and a wide selection of online classes for children and parents.
The e-commerce startup claims it has millions of site visitors and has grown its gross merchandise value by over 50x since its launch.
The company also recently launched its direct-to-consumer fashion label ‘bean by edamama’.
Innoven Capital is a joint venture between Seviora Holdings (a wholly-owned subsidiary of Temasek) and the UOB Group. The firm has made over US$800 million in loan disbursements across Asia in the past six years. More than 20 of its portfolio are unicorns, including Byju’s, OYO, Carsome and FirstCry.
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Image Credit: edamama
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