ChatGenie Raises Additional Investment in Recent Fundraising Campaign


Start-up developing fast-growing multi-channel commerce platforms, CatGenie, has taken the next step by raising additional capital during its recent fundraising campaign as part of the fifth cohort of Accelerating Asia.

The funding he secured will allow ChatGenie to expand his reach by distributing his product to as many merchants as possible. Currently, the pandemic-born startup has provided online payment and automated delivery services to more than 2,500 merchants.

With growing demand from online businesses, the investment will also help ChatGenie expand its operations by expanding its team to cater to more customers and scale its services.

Opportunity in times of crisis

Founded a month before the pandemic hit the Philippines in 2020, ChatGenie has proven its market relevance as online businesses thrive with more and more people setting up online stores. It was included in Forbes Asia’s inaugural “100 to Watch” list because of its relevance in today’s market.

To date, more than 2,500 transactions have been made on Messenger, GCash and Viber using ChatGenie and a total of 150 million pesos in transactions have been made through the store platform. It has partnered with a number of notable digital wallet brands and platforms, such as GCash, PayMaya, and PayMongo.

In November 2021, he presented his MSME Strengthening Program which aims to provide micro, small and medium-sized enterprises (MSMEs) with up to six months of free online store on Messenger, Instagram, Viber, GCash and other business tools.

They have provided Filipino MSMEs, who want to try ChatGenie’s features, with a free three-month subscription to ChatGenie Pro to help them digitize their businesses.

Promising market position

For the fifth cohort, Accelerating Asia has selected nine start-ups in Asia, including the Philippines end-to-end shopping platform ChatGenie, for its first batch of investments from its $20 million Fund II.

Accelerating Asia is a Singapore-based early-stage venture capital fund that invests in pre-Series A start-ups across Southeast and South Asia. Cohort 5 was Accelerating Asia’s most competitive selection to date with 550 entries from 30 countries, of which only 1.5% were successful.

“With retailers across Asia digitizing at the fastest pace in history, ChatGenie’s platform provides an easy on-ramp to potentially millions of businesses to more easily interact with a wider customer base. and more efficiently. The company’s management team is well suited to executing the business model that has proven successful so far. Accelerating Asia is excited to provide support and be an early investor in ChatGenie as it expands across the Philippines and the region,” said Craig Bristol Dixon, General Partner of Accelerating Asia.

“Accelerating Asia is a great partner for us in the current phase of our business. They provide us with the tools, network and mentorship we need to grow rapidly,” says Ragde Falcis, co-founder, CEO and CTO of ChatGenie.PH.

Recent ChatGenie investors include the founders of their own startups: Shahab Shababi (MyKuya), Farouk Meralli (mClinica), Saul Molla (FlowerStore), Andrew Koger (GoodWork.PH), George Padin (Abstract Digital), Ray Refundo, Earvin Ang and Paul Cualteros (Qwikwire), Aldrich Tan (NextPay) and Dominick Danao (Magpie.im).

“I strongly believe that businesses will inevitably adapt to digitalization and AI [artificial intelligence]. This is where ChatGenie will benefit them greatly, especially when people are looking for convenience.

Convenience with ChatGenie’s product will be a game changer for eCommerce here in the Philippines. A platform where it is easy to buy goods will not only help the start-up ecosystem but also the e-commerce ecosystem here in the country. The timing is perfect for ChatGenie,” said Earvin Ang, Co-Founder and President of Global Real Estate Solutions Startup, Aqwire, explaining why he invested in ChatGenie.

Shabab Shababi, Founder of MyKuya and CEO of Machine Ventures, sees the recent success of ChatGenie as inspiring PH startups to come up with innovative solutions to address existing market issues.

“The pandemic has highlighted areas of our economy that need to be made more resilient. To do this, we need to simplify the way products and services are offered and make it more efficient. While our company, MyKuya, does this for the service industry, we’ve seen ChatGenie bridge that gap for product sellers nationwide. We need a new mindset for this new world and we are thrilled that ChatGenie empowers every product seller in the country,” Shabab said.

Look forward

IN 2022, ChatGenie hopes to partner with more brands so that it can provide its services to successful online businesses.

“So far we have been able to partner with one of the largest telecom companies to sell our product to their business customers. We are looking for more partnerships like this where we can help their existing merchants grow while increasing the value that our partners provide,” said Falcis.

“We accepted ChatGenie into the six-month INQBATION: Leveling up B2B Startups program because we saw how much they grew during the incubation period, so we were prompted to consider them for investment,” said Ben Alderson, QBO’s Chief Strategy and Investment Officer. Innovation Hub and Ideaspace Foundation Inc.

“We see ChatGenie continuing to increase customer adoption of its core product, adding additional features that make it easier for their users to run their MSME businesses and expanding into new markets across South Asia. Southeast and potentially even further,” he added.

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