Philippines-based social e-commerce platform Resellee announced in a statement that it has raised a US$1 million in seed financing. The round of funding was secured from Mintech Enterprises and Hofan Capital.
The startup will use the fresh capital to grow its local operation and proceed to expand in 2021.
“Resellee plans to deploy the proceeds of the fund on capital investments to further enhance its product development and innovation with new app features such as group buying, AI and microfinancing, among others. The new features will make it easier for our resellers and merchants to earn more income,” Founder and CEO Marc Concio said in a statement.
“The funds will also enhance our marketing efforts and supply chain innovation, specifically in agriculture as we want to dominate the online agriculture market to help our farmers and resellers as part of our vision,” he added.
Founded by by Marc Concio, Glenn Quiro, Aaron Madolora, Jason dela Rosa and Lorraine Macapagal. The The platform allows customers to buy and sell products to his/her network of friends on social media without having to buy products or inventory.The social e-commerce platform also helps merchants, SMEs and farmers sell their products online through thousands of resellers and buyers.