PH startups seen to attract over $1B in capital for 3rd straight year
MANILA -Philippine startup fundraising could surpass $1 billion for a third-straight year in 2023 as founders and venture capital investors gather for the Geeks On A Beach international business conference next month.
The gathering, which runs from Nov 22-24 on Panglao Island in Bohol, brings together entrepreneurs, venture capital funds, software engineers and corporate and government executives.
The conference’s founding organizer, Tina Amper, said the Philippines is gaining importance as a startup hub. She said this was also validated by a recent report by Foxmont Capital Partners.
Once overlooked by venture capital firms, the Philippines has seen its share of Southeast Asia dealmaking activity surge from just 2 percent in 2020 to 9 percent last year, the report showed.
READ: Improving outlook for local startups
This broader recognition of the Philippine startup scene pushed up fundraising activity from $40 million in 2010 to more than $1 billion yearly in the past two years.
“This is a vote of confidence for Filipino startups that ought to be celebrated and continued,” Amper said.
Deals are venture capital transactions where startup companies raise capital from external sources. These include financing received from 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.
Geeks On A Beach is supported by some of the country’s biggest names in technology and venture capital such as GCash, Grab Philippines, LalaMove and Kickstart Ventures.
The country’s growing profile was also driven by the rapid adoption of digital wallets and e-commerce.
READ: PH e-commerce market seen to expand by 15% this year
For example, the e-Conomy SEA Report 2022 said the value of Philippine e-commerce market expanded from $3 billion at the start of the global health crisis in 2020 to $14 billion in 2022.
This also came with the support of the Philippine government, which sees digital payments and e-wallets as avenues to include more Filipinos into the broader financial system.
The Department of Information and Communication Technology has been a longtime supporter of the Geeks On A Beach conference, the statement showed.
“[Geeks On A Beach] 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.
