Philippines tech startups are thriving as they continue to benefit from massive investments, innovative talent, and strong government support. According to the Department of Trade and Industry (DTI), the country is committed to sustaining the gains made in recent years in overcoming the COVID-19 pandemic’s damage to the economy and embracing the new normal.
Let’s take a look at some of thePhilippines top tech startups to watch out for in 2023:
With the world opening up again after the COVID-19 pandemic-inspired lockdowns, businesses need a reliable way to ship their products to other areas. Shipmates is a shipping platform that meets those transport requirements for eCommerce companies. Users can track all of their shipments, make multiple bookings with different couriers, compare courier rates, and inform customers of the progress of their orders.
Shipmate—an alumnus of Y Combinator—has announced that it has raised USD 2.2 million in seed funding. Investors include Wavemaker Partners, Taurus Ventures, Sketchnote Partners, and Capital X. Shipmate wants to use the money to grow its online shipping platform, boost the country’s shipping infrastructure, and become the preferred choice for eCommerce shipments, helping the company thrive next year.
Philippines-based startups raise over US$1B in 2021 according to Philippine Venture Capital Report 2022 teport
Gaming platform MetaverseGo provides access to the metaverse—a virtual (VR) and augmented (AR) reality space filled with avatars and computer-generated worlds. Several companies, such as Axie Infinity, have now developed metaverse-based games where gamers can play and earn money in the form of cryptocurrency or digital assets (NFTs). MetaverseGo is a web 3.0 application, and users can interact with industry players or transact with merchants connected to the company.
It raised USD 4.2 million in August from Galaxy Interactive and 14 other investors. Some of the investors are Shima Capital, Infinity Ventures Crypto, Yield Guild Games (YGG), Dragonfly, and others. The newly raised capital will fund recruitment, product development, and establishing partnerships with telecom companies.
Online shopping platform Edamama caters to parents and their babies, providing products for diapering, fashion, nutrition, home and lifestyle, and more. It offers express delivery services, and its mama-led team solely focuses on selling authentic, safe, and trusted brands. The platform has exclusive deals, free learning activities, classes, and users can search for their favourite products and brands.
Edamama secured a USD 20 million Series A funding deal led by Alpha JWC Ventures, bringing its total amount raised thus far to USD 25 million. The company’s fundraising was oversubscribed, with existing investors also participating. They include Kickstart Ventures, Innoven Capital, and renowned angel investor Lisa Gokongwei-Cheng.
The funding will enable Edamama to expand its operations to different locations, open offline stores, enhance the company’s content and community offering, and grow its private label portfolio, thereby setting the company up for success in 2023.
AI-powered analytics firm Betterteem uses industry-specific actionable insights to help organisations intelligently improve employee experiences, thereby reducing high levels of employee turnover. Betterteem’s predictive analysis makes it easier to engage workers, understand them, and apply the correct retention strategies. The insights also encourage employees to take the company’s desired actions, leading them to generate more revenue for the business.
Betterteem had a funding round raising an undisclosed amount from investors such as Techstars, Crestone Venture Capital, 1337 Ventures, and Suresh Thiru. The money will be used for product development and launching a mobile application. Since businesses have been operating with hybrid work models—combining remote and in-office work—Betterteem may be vital next year in enabling organisations to manage their employees more effectively.
Automation solutions company Expedock uses artificial intelligence to bring efficiency and profitability to industry players in the global supply chain, specifically freight forwarders. It provides a 99.97% data accuracy guarantee for its clients’ accounting processes and other freight documentation. Offering 100% automation coverage eliminates manual work for your team on issues like reconciling invoices, enabling them to focus on different essential business needs, such as customer service.
Expedock raised USD 13.5 million in Series A funding, bringing their total amount to USD 17.5 million. The funding round was led by Insight Partners alongside Motion Ventures, existing investors Pear and Neo, and executives from Project 44, Meta, eBay, Salesforce, and Clearmetal. The startup will funnel the new capital into growing Expedock’s data operations and expanding its team, enabling the company to serve its customers better.
Next year, the Philippines top tech startups listed above will reach new highs and should be joined by many other innovative businesses. DTI Undersecretary, Dr Rafaelita M. Aldaba, believes that with many factors encouraging the growth of Philippines tech startups, it now means that the country is “an emerging startup destination”. Additionally, new businesses will find that in 2023, there is a favourable environment for them to succeed thanks to laws like the Ease of Doing Business Act.