Consul General Ferrer Meets ‘Sinigang Valley’ Movers
MAKATI CITY, 27 July 2023 – Philippine Consul General in San Francisco Neil Frank R. Ferrer on 13 July visited one of the Philippines’ flourishing areas for fostering the growth of startups called “Sinigang Valley” in Poblacion in the central business district of Makati City.
Sinigang Valley, a pun on the successful startup and tech capital Silicon Valley in the San Francisco Bay Area, was named after the beloved Filipino dish sinigang (eaten with rice, a complete meal in itself as it can have different types of protein, from meat to seafood, and vegetables). The name was coined by Kumu co-founder Rexy Dorado.
Touring Consul General Ferrer at the startup hub were co-founder of Kumu, Roland Ros and Jenny Yrasegui, CEO of Square One Hospitality Concepts, who also manages culture and foodie hub Lunes restaurant in Poblacion.
Kumu is the largest social entertainment app in the Philippines. Philippine Venture Capital Report 2023 by Foxmont Capital Partners BCG noted that the country is second in the world and first in Asia for most time spent on the internet (average of 10 hours per day with users aged 16-64 years old) and exceeds the global average of time spent on social media (average of 4 hours and 6 minutes per day).
Consul General Ferrer, along with economic officer Consul Vanessa Bago-Llona and Tourism Attaché Soleil Tropicales, toured Kumu’s dedicated building for its tech workers called the “Tarsier Conservation Society.” Kumu calls its ubiquitous blue mascot, Philippine tarsier, “Karlito.”
“It excites us to know more about Sinigang Valley and how it fosters the development of startups, mainly Philippine startups like Kumu,” Consul General Ferrer said.
Ros, who grew up and studied in Los Angeles, and founded Kumu, wishes for the startup scene to be more vibrant and invites techpreneurs to make the Philippines and Sinigang Valley the launchpad of their startups.
“We wish that more Filipino expatriates like us come back to the country and establish their own startups and further grow the startup ecosystem,” Ros said.
The group also visited the headquarters of venture capital firm Foxmont Capital Partners, which invests in “Filipino-focused or Filipino-founded early stage technology startups.” Foxmont founding partners Franco Varona and Jelmer David Ikink handed Consul General Ferrer a copy of the Philippine Venture Capital Report 2023.
Varona and Ikink highlighted the growing startup ecosystem in the Philippines and the steady deal flow it has managed to generate. Funds raised by Philippine startups in 2022 exceeded $1 billion for the second year in a row.
According to the Global Innovation Index by the World Intellectual Property Organization, the Philippines ranked 59th globally in terms of innovation. The Philippines also has an “increasingly important potential for transforming the global innovation landscape.”
As part of its economic diplomacy thrusts, the Consulate endeavors to engage players in Silicon Valley and the Philippine startup ecosystem, e.g., Sinigang Valley. Together with the Philippine Trade and Investment Center in Silicon Valley, the Consulate aims to help bridge Philippine startups and gain exposure to Silicon Valley through activities and events that increase awareness about the developing startup ecosystem in the Philippines.
The Consulate also has a public-private partnership with tech and co-working space company Dynamico Space to support Philippine startups. END
L-R: Sinigang Valley movers Roland Ros, Kumu co-founder, and Jenny Yrasegui, CEO at Square One Hospitality Concepts, Consul General Neil R. Ferrer at Tarsier Conservation Society, a modern and convenient housing for Kumu employees in Poblacion, Makati.
Consul General Neil R. Ferrer checks out startups funded by Foxmont Capital Partners
Foxmont Capital Partners founding partner Franco Varona hands a copy of the Foxmont publication “Philippine Venture Capital Report 2023” to Consul General Neil R. Ferrer of the Philippine Consulate in San Francisco.
L-R: Tourism Attachè Soleil Tropicales, Foxmont Capital founding partner Jelmer David Ikink, Consul General Neil R. Ferrer, Foxmont Capital founding partner Franco Varona, Kumu co-founder Roland Ros, Consul Vanessa Bago-Llona.