STANFORD FORUM HIGHLIGHTS IMPACT OF EARLY INVESTING IN PHILIPPINE STARTUPS
The Philippine Consulate General in San Francisco attended a forum titled, “Kaya Founders in the Bay: Making an Impact in the Philippines,” on 8 July 2024 at Stanford University. Consul Vanessa Bago-Llona attended the event, which was held in collaboration with the US-Asia Technology Center.
The event featured early-stage venture capital Kaya Founders General Partner Ray Alimurung and Investment Director Toby Floro. Alimurung and Floro highlighted that Southeast Asia’s digital economy has grown eight times over the past eight years to reach $100 billion in revenue in 2023. The Philippines’ digital economy is expected to grow to $35 billion in 2025.
According to Kaya Founders, the Philippines’ macroeconomic fundamentals remain strong and given its growing digital economy, the country is the number one most exciting venture ecosystem in Southeast Asia today. “There are huge opportunities in early stage investing in the Philippines and strategic investing in the country can drive massive impact towards nation-building,” Alimuring said, adding that now is the time to bet on the Philippines.
Kaya Founders has been investing in early stage startups with its “Zero to One Fund” and “One to Ten Fund,” among other investments.
Some of the promising startups highlighted in the forum that are making a difference in the Philippine ecosystem included the following:
- Buildit – a B2B construction procurement marketplace and cost control software as a service feature. It is a response to construction companies’ usual pain points, such as the unpredictability and volatility of cost of construction materials. It also connects contractors to a vast network of suppliers and products.
- GoEden – an agriculture inputs marketplace that aims to boost productivity through the efficient purchase and delivery of agricultural supplies and services.
- Britana – a full suite no-code ERP system for SMEs. It employs a single software to manage an SME in the Philippines, streamlining business processes, including managing financials and facilitating tax-compliant reporting.
- Mochi – an accounts receivables and payments automation system for SMEs.
- Ripplex – a startup that provides brand-quality, affordable, and sustainable alternatives to daily sachet usage for sari-sari stores by installing sustainable liquid dispensers refill hubs.
- Peddlr – a startup that provides a free point of sale (POS), bookkeeping, and inventory management software for SMEs.
- PCX – a global plastic credit marketplace for enterprises that serves as a digital marketplace for tokenized plastic credits that works with certified plastic collectors and plastic recovery businesses to help sell their efforts as plastic credits. It aims to keep plastic waste off the natural environment.
- Paymongo – a gateway that allows businesses to accept payments online. It allows customers to pay through credit cards, e-wallets, online banking, buy-now-pay-later installments, and other online payments.
- Advance – a fintech startup that allows employees to get early access to their salary and provide for their daily needs.
- Ruralnet.ph – a digitally enabled microinsurance distribution for Filipinos. It offers a cloud-based end-to-end insurance cycle platform allowing for shorter and efficient process time from enrollment to claims and renewals.
From left to right: Kaya Founders Investment Director Toby Floro, University of the Philippines Engineering Research & Development Foundation Adviser Dr. Chato Calderon, Kaya Founders General Partner Ray Alimurung, Consul Vanessa Bago-Llona, former President of non-profit STAC-Silicon Valley Christina Laskowski. (San Francisco PCG photo)
Kaya Founders General Partner Ray Alimurung and Kaya Founders Investment Director Toby Floro. (San Francisco PCG photo)
From left to right: Consul Vanessa Bago-Llona, President of non-profit STAC-Silicon Valley Kendrick Kho, STAC former President Christina Laskowski and University of the Philippines Engineering Research & Development Foundation Adviser Dr. Chato Calderon (San Francisco PCG photo)