Once reliant on hackathons, demo days, and startup showcases to spotlight promising ventures, Southeast Asia’s venture capital ecosystem is now undergoing a structural shift in how deals are discovered, evaluated, and nurtured. With capital flows tightening and innovation cycles accelerating, fund managers—especially those in early-stage investing—are rethinking the value of conventional sourcing methods and moving toward more deliberate, ecosystem-rooted approaches.
This shift is driven by a recognition that the most promising founders often don’t operate within traditional funding pipelines. Particularly in emerging markets like Vietnam, Indonesia, and the Philippines, founders are frequently immersed in product development, operations, or local market expansion—too busy building to participate in pitch contests or regional demo circuits. As a result, some of the region’s most scalable ventures risk going unnoticed by institutional investors simply because they’re not on stage or in accelerators.
We explore the Philippines’ journey as a regional player
In response, a growing number of venture firms are adopting alternative deal sourcing models—ones that prioritise context, long-term relationships, and a deeper understanding of local market dynamics. These strategies range from partnering with trade missions and government innovation programmes to tapping into corporate ecosystems and vertical communities. While this approach demands more time and trust-building, it also offers richer access to founders working on sector-defining problems that may not immediately fit a conventional venture mould.
Firms like Kickstart Ventures exemplify this shift. As the corporate venture capital arm of Globe Telecom, it leverages both its strategic position within Ayala Corporation and its ecosystem initiatives, like Raid the Fridge and collaborations with embassies and public sector groups, to discover startups that reflect real-world demand and local resilience. These aren’t just deal sources—they’re community-building mechanisms that surface companies aligned with broader economic and societal shifts, from digital inclusion to supply chain decentralisation.
This evolution in sourcing philosophy is also influencing the kind of founders that get funded and the type of capital they attract. By embedding themselves into diverse networks—beyond the echo chambers of industry events, VCs are not just accessing more startups, but better contextualising the ones they back. In doing so, they reduce bias, expand the funnel to include underrepresented founders and regions, and develop a more robust understanding of what sustainable growth looks like in Southeast Asia.
As venture capital adapts to a more fragmented, competitive, and decentralised market, the ability to build intentional, insight-driven sourcing channels may prove more valuable than any single high-profile investment. We speak to Bit Santos, Partner, Portfolio Operations from Kickstart, to share more about his experience on the ground in today’s VC ecosystem.
What innovative methods are venture capitalists employing to identify promising startups beyond traditional demo days and networking events?
The founders of many of the most promising ventures don’t always have the luxury of time to participate in demo days or major events, especially in emerging markets like the Philippines or Vietnam. Most of the time, they’re deep in the trenches, focused on building, and these traditional sourcing methods can go amiss.
At Kickstart Ventures, we’ve learned to meet founders where they are and not just where the industry expects them to be. We invest heavily in ecosystem-building and rely on strong partnerships with local and international government agencies, industry organisations, and fellow investor networks. These partnerships aren’t just for visibility–they’re designed to surface high-quality, early-stage opportunities that align with our investment theses and values.
We’ve fostered unique deal sources through our network within the Globe Telecom and Ayala Corporation ecosystem, startup community initiatives such as our flagship monthly community mixer Raid the Fridge, and the partnerships we’ve built and nurtured. We also explore potential deals from trade mission collaborations, such as pitching sessions with the British Embassy Manila and the Embassy of Canada. These channels allow us to build relationships with founders while they’re in a fundraising cycle or when they simply want to explore new markets and are looking for a strategic partner to scale.
That said, events still matter. While we may not expect to source deals on the spot, they are invaluable for building relationships with co-investors and ecosystem stakeholders. These trusted relationships often lead to warm deal referrals—especially when there’s high alignment in values, stage, or sector focus. In that sense, events help deepen the network and create compounding value over time.
We continue nurturing these channels because they keep us closely attuned to emerging trends and innovations as well as the evolving needs of startup ecosystem players. More importantly, it reflects how we see our role in the region. Aside from being active early-stage investors, we also see ourselves as long-term ecosystem partners working to widen the funnel and support the next generation of Southeast Asian founders.
How does bypassing conventional event circuits impact the diversity and quality of startups that VCs engage with? Does this change the profile of the potential deals?
The Kickstart team continues to be visible at usual event circuits and demo days organised by partners we trust and value. What we’ve found through the alternative sourcing channels we’ve created is that they offer more than just access – they offer context. When VCs engage with startups through partnerships with trade missions, public sector innovation programs, or ecosystem-led initiatives, we gain insight into a whole gamut of things, be it their product, operating environment.
This allows us to see ventures not in isolation, but as part of a broader system’s response to supply chain gaps, public policy shifts, or emerging consumer needs within specific verticals. That context strengthens our ability to assess durability and long-term relevance, not just short-term excitement.
While these channels may require longer cycles and closer collaboration, we believe they can lead to richer, more strategic conversations.
What challenges do VCs face when adopting non-traditional deal sourcing methods, and how are they addressing these obstacles?
One of the main challenges with non-traditional sourcing is that it relies on deeper, more collaborative partnerships, and those take time. Unlike demo days or accelerator cohorts, where you can meet dozens of founders in a day, ecosystem-led sourcing is more contextual and requires alignment with partners who each have their own lens, priorities, and definitions of “promising.”
At Kickstart, we’ve found that strong deal flow from these channels truly depends on shared understanding and consistency. It takes repeated cycles of engagement: learning what each partner is looking for, iterating on what gets surfaced, and sharpening that judgment together over time. That calibration is essential, without which, the volume might be there, but the fit won’t be. This intentional approach can’t be scaled overnight, but we are optimistic that it will lead to higher-quality outcomes.
Can you provide examples of successful investments that resulted from such alternative partnerships in the Southeast Asian context?
As the corporate venture arm of Globe Telecom, our unique position gives us privileged access to strategic deal flow, enabling investments in high-impact companies such as global storytelling platform Wattpad, and digital commerce and customer experience provider LotusFlare.
Beyond corporate channels, our deep roots in the startup ecosystem also drive value creation. Through Raid the Fridge, we discovered and backed Squadzip, a mobile-first CRM platform empowering field-based sales teams, and Lifetrack, a healthtech company specialising in cloud-based medical imaging solutions. As a member of Innov8Sparks, a network of technology startup support and funding initiatives by members of the Singtel Group, we were also able to source cloud-based connectivity leader Teridion, smart access solutions company IglooHome, and cloud-native cellular connectivity platform Monogoto.
From our regular co-investors and portfolio companies, we have discovered and invested in online learning platform Skillshare, digital payments infrastructure provider Xendit, and air quality monitoring company Clarity.
How can newer fund managers build intentional networks that prioritise quality over quantity in deal sourcing?
One of the biggest advantages newer fund managers have is that they’re not tied to legacy deal flow systems, which means they can build networks from scratch.
Anchor around shared context. Partner with people and institutions who see deal flow from a different vantage point or who challenge your idea of what a “promising” venture looks like. The goal isn’t just reaching more potential investors, it’s about gaining valuable perspective in the beginning.
Co-shape your filters. A strong referral network doesn’t just send you intros; it evolves and sharpens. That takes cycles upon cycles of feedback loops: what worked, what didn’t, and why. You’re sourcing deals and actively shaping how your network interprets and aligns with your investment thesis. This helps them recognise what it looks like in real founders and companies.
Signal consistently. Build a visible presence where your target partners spend time – LinkedIn is one great (and free) example. Sharing your POV helps attract like-minded collaborators, including quiet observers you haven’t met yet. Over time, that creates not just a larger network, but a more intentional one.