Philippine startups have quietly secured a total of $1 billion in funding deals for two consecutive years from 2021 to 2022, and there are signs that this winning streak may continue.
New funding deals might materialize at the upcoming Geeks On A Beach (GOAB) international conference scheduled for November 22 to 24 on Panglao Island in Bohol. The event will bring together startup founders, entrepreneurs, software engineers, technologists, venture capitalists, corporates, government representatives, and other stakeholders.
Tina Amper, the founding organizer of GOAB, highlighted the remarkable growth in funding for Filipino startups, stating, “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.” She was referring to insights from the Philippine Venture Capital Report 2023.
Amper also pointed out that the Philippines has been steadily increasing its share of funding available across the region over the past three years. The Foxmont Capital Partners report revealed that the Philippines more than doubled its stake, growing from 2 percent in 2020 to 5 percent in 2021 and further increasing to 9 percent in 2022, showing the remarkable growth of Philippine deals compared to its neighbors in Southeast Asia.
“Deals” refer to venture capital transactions where startup companies raise capital from external sources, including financing from venture capital funds, angel investors, accelerators, incubators, and more.
For Amper and GOAB co-organizers, the success of startups translates to more entrepreneurs, increased employment opportunities, greater contributions to the economy, and more benefits for the Filipino public.
On the consumer side, e-Commerce and Fintech startups have gained considerable prominence. The e-Conomy SEA Report 2022 highlighted the exponential growth of the Philippine e-Commerce market from $3 billion in 2020 to $14 billion in 2022. Additionally, mobile wallet transactions, led by GCash, reached $28.6 billion in 2022, nearly double the figure from 2021.
The Philippines has also granted licenses to six digital banks that aim to promote financial inclusion, and traditional banks are actively offering digital-only savings products. Innovative digital lenders, including those integrated with e-Commerce apps, are attracting more consumers.
The Department of Information and Communication Technology (DICT) has been a strong supporter of GOAB since its inception in 2013. Their enhanced support this year makes GOAB a fitting conclusion to the Philippine Startup Week 2023.
Amper expressed her excitement about the upcoming conference, saying, “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.”
In addition to Amper, GOAB’s co-organizers from the #geeksPH non-profit coalition include Dave Overton of Symph, Mark Deutsch of Happy Garaje, and Doris Isubal-Mongaya of PRWorks.
For program and ticket information, you can visit the website https://www.geeksonabeach.com/.
GOAB is supported by GCash, Eastern Communications, Kickstart Ventures, Grab Philippines, LalaMove, Helixpay, Snack.ph, DOHE Group, Cleaningly, Uniform Solutions, NTX Printing, and CoDev.
