The investment will accelerate the expansion of the e-commerce service provider in Southeast Asia
TAIPEI, Dec. 13, 2023 /PRNewswire/ -- Leading venture capital and private equity firm, SKS Capital, is announcing its strategic investment in etaily, the Philippines' leading end-to-end omni-channel e-commerce services provider. The funding round was led by SKS Capital and co-led by Singapore's Pavilion Capital. A total of USD 17.8 million was raised in this series A.
etaily will use the capital to expand in Southeast Asia, especially in Malaysia, Indonesia, Singapore and the Philippines, and develop its own in-house brands. It will also invest in proprietary technology and solutions, and expand its current team.
On top of the capital investment, SKS Capital, through its rich portfolio, is bringing retail groups and new brands from Korea, Japan, Mainland China and Taiwan, helping expand etaily's product categories in apparel, FMCG and beauty.
SKS Capital founder Jack Chen said: "etaily serves as a pivotal e-commerce platform that allows SKS investment from Korea, Taiwan, Mainland China and Japan to enter the Philippine market. It will play a crucial part in product registration, logistics, online sales, digital marketing and offline integration."
Discussions are already underway between etaily and one of the largest Korean beauty and health distributor, a recent addition to the SKS portfolio.
This deal is part of SKS Capital's continuous strategic investment in the FMCG/beauty value chain, which includes consumer brands, supply chain, manufacturing, and retail channels. "Our main focus is to source potential investments in the APAC region, and to introduce the company to new markets to drive business advancement," added Chen.
etaily is supported by local retail giants in the Philippines, such as Abenson, JGDEV, Landmark, and Ayala, helping them expand their online presence. In addition to digital platforms, etaily is one of a few e-commerce enablers in the Philippines that have offline distribution channels, allowing global consumer brands entering the Philippines to have one partner for both, online and offline.
etaily founder Alexander Friedhoff said: "Our unique digital approach sets us apart, making etaily the architect of digital brands and retail. Today, people in the region buying something online from the leading retail and digital brands such as Crocs, Levi's, Skechers, Fila and many others - all of it is being powered by etaily's infrastructure."
According to Index-Asia, the Philippines is considered one of the fastest-growing e-commerce markets globally, with a CAGR of 19% from 2017 to 2025E.
About SKS Capital
SKS Capital, founded in 2017, is one of the first modern venture capital and private equity firms in Asia specializing in the consumer, covering: beauty & health D2C brands, F&B, distribution channels, e-commerce, beauty supply chain, and consumer enabling technologies. Learn more at https://skscapital.co/
Media contact:
Yiyou Lin
