Startups in the Philippines have quietly won $1 billion in total financing transactions for two years in a row, from 2021 to 2022, and there are signs that the winning streak may continue.
PH startups eyeing $1 billion in funding deals this 2023
The Geeks On A Beach (GOAB) international conference, which brings together startup founders, business owners, software engineers, technologists, venture capitalists, corporations, the government, and other stakeholders, will take place from November 22 to 24 on Panglao Island in Bohol.
“In 2010, Filipino startups raised $40 million in funding. This has gone up 27 times to $1.03 billion in 2021 and $1.1 billion in 2022. This is a vote of confidence for Filipino startups that ought to be celebrated and continued,” said GOAB founding organizer Tina Amper of GeeksPH, referring to a highlight of the Philippine Venture Capital Report 2023.
Amper expressed her delight at the positive report by Foxmont Capital Partners and said that the percentage of money made accessible to or obtained by Filipinos in the region has increased over the previous three years.
“Comparing the aggregate deals closed by country, the Philippines has increased its stake relative to neighboring Southeast Asian countries over the last three years. The Philippines more than doubled from two percent in 2020 to five percent in 2021, and further grew to nine percent in 2022. This once again shows that Philippine deal growth is reaching admirable levels compared to its neighbors,” said the Foxmont study.
“Deals” are venture capital transactions in which startup companies raise capital from outside sources such as venture capital funds, angel investors, angel groups, accelerators, incubators, corporate venture firms, corporate startup investors, joint ventures, private equity funds, mergers and acquisitions, grants, and crowdfunding.
Startup achievements translate for Amper and the GOAB co-organizers into additional entrepreneurs, jobs, economic contributions, and advantages for the Filipino public. On the consumer side, startups in e-commerce and Fintech are maybe the most well-known among linked companies.
According to the e-Conomy SEA Report 2022, the Philippine e-commerce market’s value increased by a factor of ten from $3 billion in 2020 to $14 billion in 2022. Meanwhile, Statista reported that total mobile wallet transactions, driven by dominating leader GCash, reached $28.6 billion in 2022, nearly double the figure in 2021.
Overseas Filipino Bank, Tonik, UNO, Maya, UnionDigital, and GoTyme have all been granted licenses in the Philippines, to make the financial system more accessible. Banks, both universal and commercial, are increasingly promoting digital-only savings solutions.
Consumers are also gravitating to creative, digital lenders, such as those that collaborate with e-commerce applications.
From its inception ten years ago to the present, the Department of Information and Communication Technology (DICT) has been a significant supporter of GOAB. With this year’s increased support, GOAB is a suitable conclusion to the Philippine Startup Week 2023.
“GOAB has been a part of the startup ecosystem since 2013. We are excited to meet old and new friends for this unique conference where we celebrate victories, share insights, pitch their ideas, and collaborate,” said Amper.
GOAB co-organizers from the #geeksPH non-profit alliance include Dave Overton of Symph, Mark Deutsch of Happy Garaje, and Doris Isubal-Mongaya of PRWorks, alongside Amper.
Program and ticket information are now available at the Geeks On A Beach website.
GOAB supporters include GCash and Eastern Communications, as well as Kickstart Ventures, Grab Philippines, LalaMove, Helixpay, Snack.ph, DOHE Group, Cleaning, Uniform Solutions, NTX Printing, and CoDev.