The dealStreetAsia reported that CEBU, Philippines business-to-business B2B commerce startup ShopUp raised additional $62.89 million in Series B 4 funding from Valar Ventures and Flourish Ventures.
The shares are being issued at about $56 apiece, the same as the company's Series B 3 round of filings with Singapore's Accounting and Corporate Regulatory Authority ACRA.
Equity funding received so far in a round is not included in the ACRA filings, and the overall round could be larger or have other components, such as debt.
The company closed a $34 million Series B extension round in January this year, first reported by DealStreetAsia, following its Series B round in September 2021. Sequoia Capital India and Flourish Ventures co-managed ShopUp's $22.5 m Series A round.
ShopUp, founded in Dhaka in 2016 by Afeef Zubaer Zaman, Siffat Sarwar and Ataur Rahim Chowdhury, provides B 2 B sourcing, logistics and financial services to micro, small and medium enterprises through its mobile-first digital platform and last-mile logistics service RedX.
The financial services product provides small shops with access to digital credit through partnerships with local financial institutions.
Mokam, ShopUp's B 2 B commerce app, helps mom- and pop shops by giving them access to the nation's largest catalog of products with 24 hour doorstep delivery, all via a single app.
Mokam has partnered with the country's largest manufacturers, producers and distributors to ensure the best pricing for these products.
Store owners can get items on credit by accessing ShopUp's buy now, pay later function in the app.
The startup opened an office in India after it merged with the Bengaluru-based e-commerce platform Voonik in February 2020.
In Bangladesh, one of the most fragmented retail markets in Asia is home to 98% of retail consumption, with 4.5 million small shops across the country, according to ShopUp.
The shops struggle daily when it comes to buying goods from multiple suppliers, distributors and wholesalers.
In October, Zaman said his company is operationally profitable because it offers multiple services to each customer, which is why he said in an interview with DealStreetAsia.
Revenue grew 13 times in the last 12 months, while total shipments were up 11 times, according to a September news release.
Nikkei owns a majority stake in the company.