Philippines-based PDS secures funding

The size of the investment, which consisted of a common equity issue and a convertible loan, was not disclosed; sources close to the deal said that several investors were involved, either indirectly through a vehicle formed by Carillion to invest in the common equity or lending directly to PDS. Carillion will serve as the portfolio manager for the entire holding period.

PDS will use the capital to support the launch of its new mobile platform iRegalo, which serves Filipino expatriates seeking to support their families at home. Currently iRegalo allows customers to send gifts to recipients in the Philippines. PDS plans to roll out a service soon to permit the sending of electronic gift certificates to recipients' smartphones. The certificates will be redeemable at participating merchants across the country and are intended to give senders more control over how their money is spent.

Angeon is investing out of its Angeon MFE Fund, which it launched in 2012 for investments in Philippines-based small and medium-sized enterprises. The fund is jointly managed by Carillion and Angeon.

"We are delighted to have helped make possible the debut of iRegalo, which promises to be a game changer in the Philippines' e-commerce landscape," said Carillion Managing Director Mari Gomez. "Post-investment, we feel privileged that we shall play a continuing role in PDS's story: by contributing strategic inputs aimed at growing and strengthening PDS's enterprise value for the benefit of our investors."

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• Topics
• Southeast Asia
• Financials
• Consumer
• Technology
• Expansion
• Venture
• Philippines
• TMT