The Philippines is witnessing unprecedented growth in its local startup industry among Southeast Asian countries. The emergence of new startups, more frequent fundraising and larger venture rounds is a testament to the Philippines' strong breakout into the global startup economy. In fact, the Gobi-Core Philippines Fund reported that the number of homegrown startups in the Philippines has almost doubled since 2021.
Philippine startups are predicted to raise USD 2 billion in the next three years, more than the total amount raised in the last five years. The regulatory reforms have helped enhance the competitiveness of the local startup ecosystem, making the Philippines a fertile ground for startups in the region.
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Before 2021, the highest funding stage a Philippine startup has ever reached was Series A. However, since then the Philippines have grown from strength to strength. In October 2021, Kumu raised a $73.6 million Series C round. Mynt followed suit after raising $300 million in November 2021, achieving them a "double unicorn" status. Overall, the ecosystem has raised $1 billion in funding in 2021, a 179% growth over the previous year.
The strong improvements in the Philippine startup ecosystem are a result of a number of regulatory reforms that have helped enhance its competitiveness and favorability. Some of the key legislations are as follows:
Ease of Doing Business Act: Streamlines government processes, systems and procedures.
Revised Corporation Code: Allows incorporation of one-person corporations.
Philippine Innovation Act: Provides education, training, research, and development initiatives.
Innovative Startup Act: Provides benefits and incentives which reduce constraints to encourage the establishment and operation of innovative new enterprises and businesses.
Foreign Investment Act: Allows foreign nationals to own an MSME with a minimum paid-in capital of $100,000.
Corporate Recovery and Tax Incentives for Enterprises Act (CREATE Act): Provides tax incentives and deductions to export-oriented enterprises and domestic enterprises engaged in strategic activities as defined under the Strategic Investment Priority Plan (SIPP).
Several projects are also underway to aid startups from ideation to commercialization, developed by the Department of Trade and Industry (DTI) together with other host agencies of the Innovative Startup Act. The implementation of policies and initiatives provides a supportive environment and favorable climate for a robust startup ecosystem to develop, making the Philippines a prime spot for startups and investors alike to participate in.
What's the Difference Between an Angel Investor and a Venture Capital Fund?
Before delving into the list of VC funds and angel investors, it is important to understand the differences between the two. Below is a brief summary of each entity to help you pick the one that is suitable for your company.
Angel Investors: They are high-net-worth individuals who fund startups at the early stages using their own money in exchange for shares in the company. As they are using private funds, the amount of capital they can expend is not as large as a venture capitalist, typically within the range of $5,000 to $500,000. They can invest individually or collectively as part of a group. Generally, they can invest in diverse industries, so long as the company is within the expertise of the angel.
Venture Capitalists: They are a group of professionals who manage the funds pooled from other investors and invest them into high-growth startups. Because venture capitalist work on behalf of larger institutions, the capital that they can expend is much larger than angel investors, reaching up to millions of dollars. As they represent the investors' interests, they are more strict with due diligence. They look for startups with strong defensibility or proven track record that are operating in sectors that offer the best profitability. To support startups, venture capitalists might also provide top-tier professionals, resources, and introductions to important partners in the market through their network.
Venture Capitalist Funds in the Philippines
The venture capitalist funds below are actively looking for investment opportunities in diverse sectors and at different stages. The stages stated do not limit the possibility of getting funding if your company is at any stage other than what is listed. All quoted investment ranges are in US Dollars unless otherwise stated.
Type: VC
Stage: Seed, Series A
Investment Value: $300,000 - $1 million
Focus: Sector Agnostic
First Asia is a venture capitalist that has an investment portfolio comprising Philippines-based businesses across a variety of industries. It is presently involved in freight forwarding, real estate and asset management, publishing, electronics assembly for export, education, industrial ecozone development, hotel, and international hospitality management, aviation, security services, and construction.
Thus, they seek ventures where they can make a value-added contribution utilizing their extensive business network, cross-border linkages, and strategic management expertise. In exchange for financial capital, they would like to be hands-on in the management of the company, but they may also occasionally engage in passive direct investments. First Asia also supports the Philippine startup community through Brainsparks, an innovation and startup hub.
Type: VC
Stage: Seed, Series A
Investment Value: ~$2 million
Focus: Social Impact
Ignite is an impact investment fund that invests in early-stage Filipino startups with a purpose. They look for companies that create solutions to any of the 17 United Nations Sustainable Development Goals and are committed to the fund’s proprietary IRIS+ compliant environmental, social, and governance metrics. Aside from having a measurable social and environmental impact, they also look for companies that can provide a financial return in the fastest-growing revenue segments in the Philippines. Their portfolio includes Quicksilver Satcom Ventures Inc., Plentina, and Bioprime. Applications for funding are always open on their website.
Type: VC
Stage: Seed, Series A, Series B
Investment Value: $1 million - $20 million
Focus: Technology
Foxmont Capital Partners invests solely in Filipino-focused or Filipino-based early-stage technology startups with a proven scalable solution. Built by entrepreneurs, Foxmont Capital Partners is comprised of seasoned entrepreneurs and finance professionals that have experience in building, managing, and growing businesses in the Philippines. They are interested in fostering close relationships with founders and their organizations, supporting them through their large network of entrepreneurs hailing from various backgrounds. In particular, their network has extensive experience in finance, accounting, marketing, public relations, media, manufacturing, supply chain logistics, and information technology, among other subjects. Some of their portfolio companies are Booky, Edamama, Nextpay, Sarisuki, and Prosperna.
Type: VC
Stage: Seed, Series A, Series B, Series C
Investment Value: $200,000 - $1 million
Focus: Collaboration Email / Messaging, Innovation, Performance Management, CRM / ERP IoT / Devices
Alluding to their name "Future Now", this venture capitalist combines their diverse and deep expertise in technologies with their knowledge in bringing that into the present. With a technical strong suit around cloud, they invest in fast-growth technology companies that are developing cloud, mobile, and enterprise technological services. The fund is professionally managed by a group of technology experts, investment practitioners, and entrepreneurs. Hence, they are able to utilize their network to benefit their portfolio companies depending on the needs of each company. For instance, they take a hands-on, hands-off approach, sometimes being part of the operations, board positions, or incubation support, and other times acting just in an advisory capacity. Their portfolio consists of Advvy, Cloudswyft, Hammerjack, AutoDeal, Kalibrr, and more.
Type: VC
Stage: Seed, Series A, Series B, Series C
Investment Value: $200,000 - >$20 million
Focus: Sector Agnostic
Hailing from Indonesia, Kejora Capital is a leading venture capitalist with a proven track record of tech startups across Southeast Asia. They have offices in major cities across Southeast Asia, one of which is in the Philippines. Named as one of the Top 10 Global Performing Funds by Preqin, they place number 1 among Southeast Asia funds. They support founders from day 1 and beyond, providing funding rounds from Seed to Series C. For those in the early stages, actively support founders with co-working spaces, mentorship programs, and accelerators. For the later stages, they ensure that startups reach pre-IPO standards, and provide post-IPO advisory, M&A, and other strategic purposes. With their extensive global network of investors and partners, they empower and enable startups and entrepreneurs in the tech ecosystem to thrive.
Type: VC
Stage: Seed, Series A, Series B, Series C
Investment Value: $300,000 - $33 million
Focus: Technology
Bringing Asia to the international scene, Narra Venture Capital invests in high-technology companies and introduces them to markets and partners across the globe. They focus their investments on companies with defensible barriers to competition, which are normally based on cutting-edge technologies, their intellectual properties, or their efficient deployment. In particular, they are interested in companies that are synergistic with other advanced technology companies suitable for developing regions; such as in software services, electronic manufacturing services, design services, and the information systems sector. Their portfolio includes Alphion, Calpto, Ikanos, Stratpoint, and Quintic, to name a few,
Type: VC
Stage: Seed, Series A, Series B, Series C
Investment Value: Not disclosed
Focus: Technology
Innovation, social impact, and profitability are the 3 elements that Qatalyst Ventures looks for in startups. They set out to create impactful changes that positively impact society by collaborating with tech leaders and changemakers and assisting them to reach success. There are 4 guiding principles in how they run their fund: a pioneering spirit, candor rooted in care, empowered connections, and real-world impact. As such, they strive to be a catalyst for both startup development and world betterment. Their diverse portfolio includes startups from any stage and industry, some of which are Fort & Tailler, Medgrocer, Yedang, Luzon Solar Power Plant, and more.
Type: VC
Stage: Series A
Investment Value: ~$5 million
Focus: Technology
There is a new wave of entrepreneurs in Filipinos, ones that are accelerating digital transformation and solving old efficiency problems with new technology. These are the founders that Core Capital are investing in through their first fund, the Gobi-Core Philippines Fund, co-managed with Gobi Partners. Their focus investment is in early-stage technology companies serving the Philippines market. Some of their portfolio companies are Kumu, Cloudeats, Tier One Entertainment, and Edukasyon.ph.
Type: Corporate VC
Stage: Seed, Series A
Investment Value: $200,000 - $3 million
Focus: Technology
ADB Ventures is the venture arm of the Asian Development Bank, a multilateral development bank in the Philippines that was established in 1996. They invest in technology startups addressing Asia's most pressing challenges, with a focus on climate change and gender inequality. They provide seed, early, to early-growth stage capital to back and support the growth of ventures creating impact in Asia. With their wide network and deep sectoral insights, they help businesses expand into new markets and become the new market leaders. Their portfolio includes E-Green Global, Fairbanc, Binar Academy, InnoCSR, and many more.
Type: Corporate VC
Stage: Seed, Series A, Series B
Investment Value: $2 million - $72 million
Focus: Technology
JG Digital Equity Ventures Inc (JGDEV) is the corporate venture capital arm of JG Summit Holdings, Inc., one of the largest conglomerates in the Philippines with business interests in air transportation, banking, food manufacturing, hotels, petrochemicals, power generation, publishing, real estate and property development, and telecommunications. They are actively on the lookout for tech startups disrupting existing markets or creating entirely new market spaces. In particular, they are interested in business models that can create value for the core businesses of their group, especially within the eCommerce, fintech, and supply chain & logistics sectors in the Southeast Asian market. More importantly, they put an emphasis on passionate founders who have the right entrepreneurial mindset, problem-solving skills, execution capabilities, and integrity. Some of the notable startups in their portfolio are Sarisuki, Etaily, iPrice, and Tyme.
Type: Corporate VC
Stage: Seed, Series A, Series B, Series C
Investment Value: $1 million - $53 million
Focus: Technology
ICCP SBI Venture Partners is a partnership between two Asian VC firms: ICCP Venture Partners and SBI Holdings. ICCP Venture Partners is the longest-operating Philippine VC firm as part of the ICCP Group, a diversified, medium-sized conglomerate engaged in three primary fields: financial services, property development and exhibition facilities. Meanwhile, SBI Holdings, formerly Softbank Investments, is one of Japan's largest VC practices that has been in operation since 1999. Together, they have built numerous portfolios of investments.
Through this partnership, they are interested in early-stage technology startups and transpacific investing. Some of their portfolio companies are Propseller, PayMongo, Grosari, and Biolmagene, among many others.
Type: Corporate VC
Stage: Seed, Series A, Series B, Series C
Investment Value: $100,000 - $5 million
Focus: Technology, Media, Telecommunication, Enterprise Solutions, Consumer Social, E-Commerce, Logistics, FinTech, HealthTech
Kickstart is a wholly-owned corporate venture capital firm of Globe Telecom, the major provider of telecommunications and mobile networks in the Philippines. Backed by Globe Telecom, Ayala Corporation, and Singtel, Kickstart is one of the largest venture capital fund managers in the Philippines. They operate the Ayala Corporation Technology Innovation Venture (ACTIVE) Fund, the largest fund coming from the Philippines at US$180 million. They fund early to growth stage tech startups in the Philippines and globally. Beyond capital, they provide access to tech innovators and industry experts within their network, as well as partners in diverse markets. Some of their noteworthy portfolio companies are Wattpad, SkillShare, Xendit, Snapcart, and Kalibrr.
Angel Investors in the Philippines
The Angel investors listed below are part of and represented by an Angel group. As individual Angel investors are hard to come by, these platforms are the best place to secure Angel financing.
Type: Angel Group
Stage: Seed, Series A
Investment Value: $100,000 - $2 million
Focus: Sector Agnostic
Manila Angel Investors Network (MAIN) is the largest private investors network in the Philippines. They connect promising early-stage startups with angels who can provide not only funding, but also mentorship, expert support, and further networking opportunities. Committed to advancing the country’s startup ecosystem, MAIN has active investors who are committed to investing a minimum of $20,000 annually, forming a committed capital of $1 million to deploy every year. In the last 18 months, they have invested over $1 million in the Seed and Series A rounds of six startups. Their portfolio of Filipino startups includes Kumu, Booky, Philsmile, and Taxumo.
Type: Angel Platform
Stage: Stage Agnostic
Investment Value: -
Focus: Sector Agnostic
Angel Investment Network Philippines is an angel platform that connects individual investors with founders who publish their 'pitch' on the site. Entrepreneurs can register and put their business details on the site, which investors can browse through and connect with if interested. Alternatively, members can also search through investor profiles to find some angels that might be suitable for their company and connect individually. Through the platform, angels can easily see and find startups that may be of interest, as well as the details, target funding, and minimum investment required per investor. Founders can also see the background, expertise, and investment capabilities of the investors. With 308,856 angel investors on the platform, there is a chance for your startup to be seen.
Closing Thoughts on VCs and Angel Investors in the Philippines
In this article, we have compiled a list of VC funds and angel investors based in the Philippines that are actively investing in Filipino startups as well as global ventures. Though there are still a limited number of VC funds and angel groups from the country, as previously mentioned, the regulatory climate in the Philippines has become increasingly favorable to startups and investors alike.
We can expect the number of investors both from within and outside of the Philippines to grow. Government startup programs, tax incentives, and a pool of creative talent make up the best reasons for you to begin your journey in this emerging startup ecosystem.