Manila, Philippines – Local social commerce startup SariSuki has successfully raised US$7.1m, aimed at driving the startup’s expansion into the quick commerce scene. The funding round was led by Openspace, Susquehanna International Group (SIG), Global Founders Capital (GFC), Saison Capital, JG Digital Equity Ventures, and Foxmont Capital Partners.
In total, SariSuki has earned a total of US$10.5m in funding. Furthermore, the new funding will be used to increase the business’ product assortment, dark warehouses, and geographic expansion.
The startup is founded by Bam Mejia as chief commercial officer, Philippe Lorenzo as chief operating officer, Angelo Lee as head of strategy and fundraising and Brian Cu as chief executive officer. For SariSuki, hyper-convenience is a key strategy in breaking down more barriers to e-commerce adoption and creating an end-to-end e-grocery platform.
Cu said, “We are a set of founders that grew up in the Philippines and have an understanding of our market. This, combined with our background in scaling up large tech companies in the region, made us realise that we can do more with the supply chain infrastructure we have built. 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.”
SariSuki started in 2021 with a mission to empower communities with more options to shop for high quality groceries online – which it achieves by buying fresh produce in bulk from local farmers and offering them to the local community at a discounted price.
To address long-existing supply chain inefficiencies, SariSuki adopts an agent-assisted model, servicing its consumers through ‘Community Leaders’. Members of communities who set up their business as a ‘Community Leader’ see meaningful income expansion as they profit from selling produce whilst performing the last mile fulfilment. This model has enabled SariSuki to offer supermarket quality products at wet market prices.
