Washington-based equity management firm Small Enterprise Assistance Fund (SEAF) on Friday announced its second investment in the Philippines through CloudCfo, a technology-driven provider of outsourced accounting, bookkeeping and finance services for startups and small and medium enterprises (SMEs).
In a statement, SEAF said that its SEAF Women’s Opportunity Fund (SWOF) has invested an undisclosed amount in CloudCfo.
SWOF’s first investment in the country was with Ellana Cosmetic Pte Ltd in March 2019.
“We are excited to be partnering with CloudCfo as we see the company providing critical services that will help in the development of the startup and entrepreneurial ecosystem in the Philippines. SMEs are an important lever in the country’s broad-based economic development and poverty eradication. We are impressed by the strong expansion of its customer base, particularly among women entrepreneurs, while exhibiting solid retention metrics,” Jennifer Buckley, senior managing director of SEAF, said.
CloudCfo was established in 2016 by founders Mickael Cardoso Das Neves, its chief executive officer, and Anne Gauthier, its president.
The company was established amid a growing demand within the startup and SME community in the Philippines for professional, reliable and affordable accounting and finance services.
Based in Mandaluyong City, CloudCfo now employs 45 employees and services more than 100 companies across a range of industries, including technology, e-commerce, finance and lending, restaurants, hotels, manufacturing, business services and retail.
The company offers a full range of accounting, bookkeeping, tax compliance and financial reporting services. All of CloudCfo’s services are performed entirely online and are fully enabled by cloud technology.
“This investment from SEAF will have a significant impact for both CloudCfo and the startup and SME community here in the Philippines. We will use the investment to grow faster across three key business areas - investment in technology, further development of our in-house expertise and our people as well as the expansion of our services within the market,” Cardoso said.
For her part, SEAF Investment director Rowena Reyes said that “SEAF sees great potential in CloudCfo and particularly how they embraced a culture of lifelong learning, enabling employees’ professional and personal development.”
“SEAF’s partnership with CloudCfo will support the development of its proprietary technology and the expansion of its presence in the Philippines to accommodate its growing workforce,” she said. —LDF, GMA News