SariSuki raises $10.7 million from investors
MANILA, Philippines — Local community group buying startup SariSuki raised $10.7 million from regional and global investors to support its expansion.
In a statement, SariSuki said among those who participated in the fundraising were Openspace, Susquehanna International Group, Global Founders Capital, Saison Capital, JG Digital Equity Ventures, and Foxmont Capital Partners.
“With the new funds, SariSuki aims to deepen the breadth and depth of its operations to serve more Filipino consumers,” the startup said.
SariSuki, which has former Grab Philippines president Brian Cu as one of its co-founders, is a community group buying startup for daily essentials and groceries.
Through its platform, SariSuki helps provide local communities fresh groceries at affordable prices through its community leaders called KaSari.
The startup acts as a consolidator of grocery items for their KaSari who have virtual “sari-sari stores” that sell goods to consumers.
“SariSuki offers Filipinos value grocery products at extremely affordable prices that meet their daily needs. We are also empowering community leaders to be strong microentrepreneurs that will help propel the country’s economic growth from the grassroots level” Cu said.
Introduced in May last year, SariSuki has seen its gross merchandise value grow 36 times after nine months.
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