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Ex-Grab Philippines President raises US$10.5M from regional and global investors to drive SariSuki's expansion into quick commerce

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Ex-Grab Philippines President raises US.5M from regional and global investors to drive SariSuki's expansion into quick commerce
  • SariSuki, the leading player in Philippines’ immense e-commerce grocery sector, is expanding into quick commerce
  • SariSuki founded in 2021 by an impressive team that includes ex-Grab Philippines President, Brian Cu
  • Hyper-convenience is a key strategy in breaking down more barriers to e-commerce adoption and creating the leading end-to-end eGrocery platform
  • This round takes SariSuki’s total funding in 2021 to US$10.5M.
  • New funding will be used to increase the business’ product assortment, dark warehouses, and geographic expansion.

SariSuki, a fast growing social commerce startup, is expanding into quick commerce with a vision to build an end-to-end eGrocery platform in the Philippines. With the launch of this new service, SariSuki is now able to create greater value for producers at source as well as hyper-convenience for consumers. This expansion follows significant fundraising that counts Openspace, Susquehanna International Group (SIG), Global Founders Capital (GFC), Saison Capital, JG Digital Equity Ventures, and Foxmont Capital Partners amongst those who participated. The latest US$7.1M round took total funding for the company to US$10.5M in 2021.

SariSuki co-founders in one of the first quick commerce dark stores in Metro Manila. From left to right: Bam Mejia - Chief Commercial Officer, Philippe Lorenzo - Chief Operating Officer, Angelo Lee - Head of Strategy and Fundraising, Brian Cu - Chief Executive Officer

Capturing the end-to-end opportunity in e-grocery market with quick commerce expansion

Global and regional investors have taken notice of the size and potential of the e-commerce retail market as well as the social impact the company can have through its unique model. The Philippines’ e-commerce market size is estimated to reach USD$15 billion by 2025 (Statista) but despite this huge market size, the adoption of e-commerce into the grocery sector remains low, with only 3% of businesses operating online. With the pandemic further exposing this issue, 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.

SariSuki is now entering quick commerce on the back of 36x growth in the past 9 months. The business has served >60,000 consumers and grown the team to over 100 employees. Importantly,  SariSuki has the unique advantage of having built a strong and robust supply chain at speed, which will serve a network of dark stores for its quick commerce service. SariSuki’s quick commerce app commits to delivering high-quality produce in under 15 minutes within its coverage areas.

“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 realize 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,” said Brian Cu, Co-Founder of SariSuki.

Creating greater value at source through social commerce

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 fulfillment. This model has enabled SariSuki to offer supermarket quality products at wet market prices.

“SariSuki’s increasing sector dominance has resulted from addressing key pain points and barriers to e-commerce adoption with a model that builds confidence amongst, and value for, consumers. We recognised that the trust that those communities are putting in their Community Leader, who consistently delivers high-quality local produce, will help to rapidly accelerate vital e-commerce adoption,” said Hian Goh, co-founder of Openspace.

A founding team emerging from Southeast Asia’s scale-up tech giants

SariSuki was founded by an impressive team emerging from within Southeast Asia’s scale-up tech giants. Brian Cu was a co-founder of Zalora Philippines and Grab Philippines, where he assumed the role of Country Head and drove the super-app’s exponential growth over the past 7 years.

“In a complex market like the Philippines, hyperlocal expertise is crucial to lead the quick commerce sector. Brian and his team are proven entrepreneurs with a deep understanding of what it takes to drive meaningful local adoption and the success of SariSuki’s operations over the past year is a testament to this. Their know-how and career-long relationships with stakeholders across the supply chain has set them up with the best opportunity to succeed and we look forward to being a part of their growth story,” said Chris Sirise, Saison Capital Partner.

“We are honored to back a stellar team bringing convenience and a world-class customer experience to groceries shopping in the Philippines. In our view, the high density, growing disposable income, maturing digital connectivity and sheer population size in key urban areas in the Philippines, finally set the stage for the next cohort of large consumer-facing tech businesses in the country,” concluded Tito Costa, Partner at Global Founders Capital.

About SariSuki

SariSuki is a Philippine Community Group Buying startup for daily essentials and groceries. It aims to provide affordable high quality products via efficient sourcing whilst providing additional livelihood to its community leaders/sellers. The company launched in May 2021 and has grown 36x after 9 months. SariSuki has also launched Supah, a quick commerce app, that aims to deliver groceries in 15 minutes.

Funding

Future™ Secures $5.3M Seed Investment to Pay You to Fight Climate Change.

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Future™ Secures .3M Seed Investment to Pay You to Fight Climate Change.

The fast-growing fintech is building the most rewarding way to pay for consumers and the planet.

Future, the movement to accelerate the shift to a low-carbon economy through financial rewards, has raised $5.3M in seed funding. Led by Accomplice, with participation from Active Impact Investments, Techstars Ventures, Urban Impact Ventures, Climate Capital, and the author, activist, and host Baratunde Thurston.

Future is empowering consumers to reduce their carbon emissions and earn extra cash. While most cards give the highest rewards for activities with a high carbon footprint, like flying or filling up your tank, FutureCard Visa Card gives its highest rewards in the fast-growing low-carbon economy. Future offers up to 6% cashback on greener alternatives to everyday spending across transportation, food, fashion, devices, beauty, and furniture. There’s no interest, and Future doesn’t use members’ points to plant trees or buy other carbon offsets. Instead, the focus is on making low-carbon products and services more readily accessible for families and individuals across America.

“We are thrilled to lead this investment in Future,” said Ryan Moore, Co-founder of Accomplice. “More and more consumers across the country are looking for simple and rewarding ways to do right by our planet. Future is building a new category of financial product that helps them do just that.”

Future was founded in the fall of 2021 by Jean-Louis Warnholz and Kamal Bhattacharya and has since grown to over 20 team members across product and engineering, growth, partnerships, and operations. “There’s a common misconception that reducing carbon emissions in our day-to-day life is hard and expensive,” said Jean-Louis Warnholz, Future’s CEO. “Future is on a mission to change that by connecting our members with brands, products, and services that are good for your wallet and good for the planet.”

With this seed round of funding, Future will launch even more rewarding ways to tackle climate change and will add more game-changing brands to the rewards ecosystem. Current FuturePartners, with elevated 6x rewards and weekly raffles, include Back Market, Rad Power Bikes, Just Salad, Ministry of Supply, For Days, Earth Hero, Fulton, Everlasting Wardrobe, and Hilos. To learn more about Future and to reserve a FutureCard, click here.

“There has been so much innovation in expanding low-carbon choices for consumers, from plant-based protein and circular fashion to electric mobility,” said Mike Winterfield, Founder of climate VC Active Impact Investments. “Future is leveraging AI to maximize the benefits of the emerging low-carbon economy for consumers and the planet.”

About Future™: Future is building a payments and rewards ecosystem for the low-carbon economy, inspiring the shift to low-carbon products and services with outsized financial incentives. Future pays consumers to reduce their carbon footprint. Future launched the FutureCard Visa Card, initially with 5% cashback for climate-friendly purchases and a proprietary FutureScore to track individual impact on the climate and get personalized recommendations to earn more cash and emit less carbon.

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Funding

LiveScore Group to Accelerate Global Expansion Following £50 Million Strategic Investment from Ringier AG

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LiveScore Group to Accelerate Global Expansion Following £50 Million Strategic Investment from Ringier AG
  • Ringier AG’s investment values LiveScore Group‘s gaming and media business at £500 million
  • New strategic partnership unites two of the most exciting players in global sports media
  • Ringier continues to strengthen its sports growth strategy via its new dedicated sports vertical Ringier Sports Media Group
  • LiveScore Group is home to LiveScore, LiveScore Bet and Virgin Bet, three pioneering brands within the sports and gaming industries

LiveScore Group and Ringier AG have today announced a landmark strategic partnership, with the Swiss-based media and technology company making a substantial investment in LiveScore Group’s rapidly growing sports media and gaming business.

The deal will fuel the expansion of the industry-disrupting business which incorporates leading brands LiveScore, LiveScore Bet and Virgin Bet. LiveScore Group is a rapidly scaling business, which has made significant share gains in highly competitive markets. This has been achieved through leveraging its differentiated customer acquisition funnel with bespoke gaming integrations across its LiveScore assets.

As the latest evolution within one of Europe’s pre-eminent media businesses, the recently created Ringier Sports Media Group division boasts a thriving portfolio of innovative businesses which are changing the way global audiences interact and engage with sport. The new strategic investment in LiveScore Group will specifically accelerate growth across key Central and Eastern European territories, a notable strength of Ringier’s sports media assets.

Following the investment, Stilian Shishkov will join the Supervisory Board of LiveScore Group. Shishkov is currently Senior Partner of the Ringier Sports Media Group, as well as founder and CEO of Ringier`s Sportal Media Group in Bulgaria.

The significant new investment comes after three-years of eye-catching performance for LiveScore Group, founded in 2019 by former Gamesys Chairman and co-founder Noel Hayden, and led by industry veteran Sam Sadi.

Sam Sadi, CEO LiveScore Group: “This is a hugely significant day for LiveScore Group, as we take a significant step forward following a £50 million strategic investment from Ringier which values our business at £500 million. Ringier, with its Sports Media Group, is the perfect partner as we look to accelerate our expansion into Central and Eastern European territories, given their outstanding expertise, assets and relationships.”

Noel Hayden, Executive Chairman LiveScore Group Board: “I’m excited to see two of the most innovative sport and media businesses form a game-changing new relationship. This is a breakthrough moment which will allow LiveScore Group to maximise strategic opportunities together with Ringier, and to deliver better experiences and value for sports fans around the world.”

Marc Walder, CEO Ringier AG: “From delivering real-time sports scores and free-to-air live streams to millions of global users, to offering the most innovative and trusted sportsbook betting opportunities, LiveScore Group has demonstrated it is already a true industry leader and will be a fantastic business partner for Ringier. Together, we aim to enhance, and increase the enjoyment of sport, through innovative products, and immersive experiences under the operational lead of the Ringier Sports Media Group. With LiveScore Group’s support we will better understand the way people feel about sport and what it means to them. Our vision is to fuel the fans’ passion for sport.”

Robin Lingg, Chairman of the Ringier Sports Media Group Supervisory Board: “Sports media is THE place where sports audiences, athletes and advertisers meet. Within its three-month existence, Ringier Sports Media Group has very purposefully put into practice its founding promise, to unite leading digital sports media brands under its umbrella. The participation in LiveScore Group is another decisive step to develop innovative products based on common technologies in the future and to benefit from the exchange of know-how. That a leading business such as LiveScore Group has agreed to work closely with us in strategic partnership is truly a tribute to our vision of sports media at Ringier.”

The Ringier Sports Media Group includes the sports brands of Sportal Media Group and Digital Ventures OOD in Bulgaria, Gazeta Sporturilor in Romania, Sportal.rs in Serbia and Pulse in Africa. The group`s portfolio is set to grow strongly in the coming months through mergers and acquisitions as well as newly launched products.

Moelis & Company LLC acted as financial advisor and CMS acted as legal advisor to LiveScore Group. DLA Piper acted as legal advisor and KPMG as financial advisor to Ringier AG.

About LiveScore Group

LiveScore Group is home to LiveScore, LiveScore Bet and Virgin Bet, three of the most exciting brands in the sports and gaming industries today. The Group was demerged from the Gamesys group of companies (now part of Bally’s Corporation) in September 2019. LiveScore was previously acquired in 2017 as a means of moving into the sports media industry, while Virgin Bet was launched in 2019 following a partnership with Virgin to enter the sports betting market. Today, LiveScore Groups sits within the Anzo Group of companies.

Whether it is LiveScore delivering real-time sports scores or free-to-air live streams to its users across 200 territories, or LiveScore Bet and Virgin Bet offering innovative and trusted sportsbook betting opportunities, we bring our audiences closer than ever to the sports they love with our best-in-class products.

  • About LiveScore

    An early pioneer in the online sports media space, LiveScore™️ was founded in 1998 and is one of the world’s leading sports updates and streaming services. Following its acquisition in 2017, the LiveScore business was subsequently demerged into the Anzo Group in 2019.  With millions of global users across over 200 territories, it’s long been an essential part of the match-day experience for football fans who rely on the service to provide the simplest, fastest, and most reliable updates on matches that matter to them.

  • About LiveScore Bet

    LiveScore Bet™, is a sportsbook offering customers in the UK, Ireland, and Netherlands a new and improved betting experience. Building on the existing user relationship with the trusted LiveScore brand that is already a core part of the live sport experience, LiveScore Bet seeks to deliver a best-in-class product and represents a new opportunity for customers to bet responsibly.

  • About Virgin Bet

    Virgin Bet™ was launched in the UK in May 2019. With access to a huge range of betting markets across all the top sports, as well as the nation’s most popular casino products, Virgin Bet delivers a top-quality experience for its customers and has the perfect line-up to disrupt the sportsbook industry. VIRGIN and the Virgin Signature Logo are trademarks of Virgin Enterprises Limited and are used under licence.

About Ringier

Ringier is a Media- and Technology Company Swiss by nature. The Group includes over 130 companies operating numerous leading media brands, digital platforms, and marketplaces. Ringier addresses every walk of life and touches the lives of millions of people – every day around the globe in 19 countries. 73 percent of operating profit comes from the digital sector. This puts Ringier in the group of leading European media companies. The family-owned enterprise believes in entrepreneurship, collaboration, innovation, trust and courage for nearly 190 years. In a world that’s becoming ever more complex and challenging, Ringier`s mission is to keep interest alive and to ensure that customers, users, or readers never lose sight of what connects them:

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Funding

Wemade announced a strategic investment in MVM, an African P2E guild project

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Wemade announced a strategic investment in MVM, an African P2E guild project
  • MVM supports Africa P2E gamers and developers
  • Founded by former director of Binance Labs in charge of Africa, optimized for local business
  • Expecting the expansion of WEMIX ecosystem in Africa

Wemade participated in the seed funding round for Metaverse Magna (MVM), a P2E guild project from Africa.

MVM’s parent company, Nestcoin, supports and invests in crypto projects in Africa. It was founded by Yele Bademosi, former director in charge of the Africa region at Binance Labs, who oversaw investments and incubations for startups.

Also with MVM as Africa’s first and biggest gaming DAO, Nestcoin supports the overall P2E game lifecycle of various P2E games that it has invested in, such as incubation, launchpad support, token/NFT public sales and game operation.

MVM is helping gamers in Africa through its community and self-developed app, Hyper. It plans to expand its business by providing guild management tool through developing its own OS, P2E game software design kit for game developers, gaming DeFi services and more.

With this strategic investment, Wemade aims to expand the ecosystem of WEMIX3.0 and start business in Africa for the long term.

There are over 186 million game users in Africa. MVM wants to create the biggest gaming community in Africa and provide tools for users, investors, developers, and guild operators within the ecosystem.

Africa has the highest youth population globally,” said Yele Bademosi, CEO of Nestcoin. He emphasized the potential for the growth of the game industry in Africa.

“Gaming guilds will be one of mainstream DAOs and play a pivotal role in the game tokenomics,” said Henry Chang, CEO of Wemade. “Partnership with MVM is an opportunity to expand the ecosystem of WEMIX in Africa, the continent with a rapidly growing market and a young population.”

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