The SariSuki team with Co-Founder Brian Cu (second from right)
Philippine social commerce startup SariSuki said today it has secured US$10.7 million from investors, including Openspace Ventures, SIG, Global Founders Capital, Saison Capital, JG Digital Equity Ventures, and Foxmont Capital Partners.
The funds will be used to increase product assortment, dark warehouses, and geographic expansion.
Launched in May 2021, SariSuki is a community group-buying startup for daily essentials and groceries. The startup buys fresh produce in bulk from local farmers and offers it at a discounted price to the local community.
SariSuki adopts an agent-assisted model, servicing its consumers through community leaders. Members of communities who set up their business as community leaders earn profit from selling produce while fulfilling the last mile.
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The startup also runs Supah, a quick commerce app to deliver groceries in 15 minutes.
SariSuki claims to have grown 36x since the launch, served about 60,000 consumers and grown to over 100 employees.
“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 SariSuki Co-Founder Brian Cu, who earlier co-founded Zalora Philippines and held the role of country head at Grab Philippines.
“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 accelerate vital e-commerce adoption rapidly said Hian Goh, Co-Founder of Openspace.
The Philippines’ e-commerce market size is estimated to reach US$15 billion by 2025 (Statista). Despite this huge market size, the adoption of e-commerce into the grocery sector remains low, with only 3 per cent of businesses operating online.
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