Image Credits: Great Deals
Founded in 2014, Great Deals is an e-commerce enabler that helps brands like Abbot, L’Oréal and Unilever build their online retail operations in the Philippines. The startup announced today that it has raised $30 million in Series B funding led by Fast Group, one of the Philippines’ biggest logistics firms, with support from CVC Capital Partners. Navegar, which led Great Deals’ Series A, also returned for this round.
The transaction was advised by Rocket Equities. The investment by Fast Group, which has a fleet of more than 2,500 vehicles and 90,000 stores in its distribution network, marks the beginning of a strategic partnership. Great Deals will use part of the new capital to build an automated fulfillment center, and the deal will help it increase its penetration outside the Greater Manila Area and offer more Instant Commerce, or deliveries under one hour.
Philippine e-commerce enabler Great Deals raises $30M Series B led by logistics firm Fast Group yahoo.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from yahoo.com Daily Mail and Mail on Sunday newspapers.
PH startup Great Deals E-commerce raises $30m Series B from Fast Group, CVC, Navegar
Steve Sy (left), Founder & CEO of Great Deals E-commerce Corporation and William Chiongbian II, Group President and CEO of Fast Group.
May 19, 2021
Great Deals E-commerce Corp, a Philippine-based e-commerce enabler founded by Alibaba eFounders fellow Steve Sy, has raised $30 million in its Series B funding round led by local logistics company Fast Group.
The funding round, which followed the startup’s $12-million Series A fundraise in January 2020, also saw participation from private equity major CVC Capital Partners, which holds a 40% stake in Fast Group.
Local PE firm Navegar, which invested $12 million in Great Deals’ Series A round, also joined the funding round. Rocket Equities, a corporate finance and M&A advisory firm for fast-growing mid-sized companies in Southeast Asia, advised Great Deals on both its Series A and B fundraising.
Published May 19, 2021, 4:00 PM
The Philippines’ #1 e-commerce enabler Great Deals e-commerce Corporation raised $30 million, approximately P1.4 billion, capital in its Series B funding round.
The new capital infusion was led by Fast Group, a leading logistics firm in the Philippines with the support from CVC Capital Partners, one of the world’s largest global private equity firms with $118 billion in assets under management (AUM). Navegar, a private equity firm that infused $12 million Series A fund into Great Deals, also contributed to this funding round. The transaction was advised by Rocket Equities.
Steve Sy, Founder & CEO of Great Deals, William Chiongbian II, Group President and CEO of Fast Group, and Javier Infante, Managing Partner of Navegar, along with their management teams and advisors, participated in the signing of definitive agreements.
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