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THE VIBRANT Philippine startup ecosystem demonstrated resilient performance in 2023, raising $956 million in funds despite strong global headwinds. While this fi gure represents a modest 14% dip year on year in deal value from 2022, it compares favorably to the 62% year-on-year decline the Global Private Capital Association assessed across the wider Southeast Asia region. With 96 deals completed, the Philippines also hit a record high in deal volume in 2023, a 16% year-on-year increase from 83 deals in 2022.

This buoyant ecosystem is outlined in Boston Consulting Group’s (BCG) latest report, “Philippines Venture Capital Report 2024,” created in partnership with Foxmont Capital Partners. Alongside growing deal volumes, there are encouraging signs of diversity, with sectors seeing interest beyond traditional e-commerce or financial technology (fintech). Emerging opportunities in business-to-business (B2B) software-as-a-service (SaaS), direct to consumer brands, health technology (healthtech), and impact/ESG reveal a maturing ecosystem with broad appeal.



The Philippines’ share of Southeast Asian funds raised also grew to 13% in 2023, almost doubling from 7% in 2022. The nation also attracted prominent regional investors such as DSG Consumer Partners, Softbank Ventures Asia, Cercano, GSR Ventures, and ACA Investments, all making maiden investments in 2023. The local startup ecosystem is undeniably on the rise.

NATIONAL ADVANTAGES PUSH GROWTH POTENTIAL The Philippines boas.

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