Raising funding for a startup is tough. Doing it in emerging markets is tougher still. Just ask Frédéric Lévy, a serial entrepreneur who just bagged a $2.25 million Series A round for CashCashPinoy, his Philippines-based e-commerce startup, from Singaporean PE firm Hera Capital.
“Not only are you working to pioneer and shape a new industry within your country, but you need to sell the location that you live in to investors, before even selling the value of your business or yourself,” he told TechCrunch in an interview.
Lévy is certainly in a position to know. The Frenchman moved to the Philippines seven years ago, after selling his stake in Rouge, a France-based digital agency that he co-founded. After starting a successful advertising business and watching the growth of social media, he decided that increasing numbers of Filipinos (who call themselves ‘Pinoy’ — hence the name) were ready to shop online, and CashCashPinoy was…
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