Packworks Secures PHP 3.5 Million in Funding
Packworks, a Philippines-based startup that offers a business-to-business (B2B) fast-moving consumer goods (FMCG) marketplace for sari-sari stores, has secured PHP 3.5 million (approximately $60,000) in funding.
The investment was from the Department of Science and Technology (DOST) through its Philippine Council for Industry, Energy, and Emerging Technology Research and Development (PCIEERD) Startup Grant Fund (SGF) Program.
The Department of Science and Technology (DOST) is the executive department of the Philippine Government responsible for coordinating science and technology-related projects and formulating policies in support of national development.
The company will use the funding to develop AI-powered precision marketing model, offering sari-sari stores customized recommendations on sellable items and promotions from Packworks' FMCG partners.
Founded in 2018, Packworks provides digital solutions to enhance the efficiency and profitability of sari-sari stores, small neighborhood retail outlets. The company has expanded into a comprehensive B2B platform supporting the entire supply chain ecosystem, from small store owners to wholesalers, distributors, and FMCG companies. They offer tools like the Sari.PH Pro app, which includes pricing tools, inventory management systems, sales and revenue tracking, and access to working capital loans. Additionally, Packworks has developed Sari IQ, a business intelligence tool that utilizes real-time and historical consumer expenditure data to help retailers and brands make informed, data-driven decisions.
Funding Details
Company: The Pack Solutions Inc.
Raised: PHP 3.5M
Round: Unknown
Funding Month: July 2024
Investors: Department of Science and Technology
Company Website: https://packworks.io/
Software Category: Enterprise Resource Planning Solutions