The Philippine startup scene continues to thrive, as nine innovative companies have recently landed on Forbes Asia’s prestigious 100 to Watch list. These startups, including Edamama, Kindred, Kraver’s Canteen, Packworks, Peddlr, SariSuki, Shoppable Business, Sprout Solutions, and TANGGapp, are solving a range of problems faced by consumers and businesses.
According to Forbes Asia Editor, Justin Doebele, these companies have been selected for their resilience in a challenging funding landscape for startups. With rising interest rates, securing funding has become more difficult. However, these startups have shown strong prospects and are poised to become success stories.
Among the featured startups is Edamama, an e-commerce platform for baby gear, home goods, and lifestyle products. Led by CEO Bela Gupta D’Souza, Edamama has raised over $35 million in funding from notable backers such as Robinsons Retail Ventures, Kickstart Ventures, and Gentree Fund.
Another notable startup is Kindred, a health startup providing virtual and in-person clinical consultations for women. Led by CEO Jessica de Mesa-Lim, Kindred offers services in gynecology, psychological health, fertility care, and vaccinations against sexually transmitted diseases.
Kraver’s Canteen, a cloud kitchen operator, has raised $4.5 million in funding and is led by CEO and co-founder Victor Seunglee Lim. Supported by investors like Foxmont Capital Partners and Kaya Founders, Kraver’s Canteen has prominent board members, including Christopher Po of Shakey’s Pizza Asia Ventures and Lance Gokongwei of JG Summit Holdings.
Forbes Asia highlights that these startups have been chosen not just for their potential success, but also for their focus on underserved markets and application of new technologies. Packworks, for example, helps small sari-sari stores in the Philippines collect sales data more efficiently. The startup, led by CEO Bing Tan, has raised $2.2 million in funding from notable investors like Ideaspace Foundation, ADB Ventures, and CVC Capital Partners.
Peddlr, led by CEO Nel Laygo, focuses on providing point-of-sale support for micro, small, and midsized businesses. So far, Peddlr has raised $4.9 million in funding.
SariSuki, led by former Grab Philippines head Brian Cu, is a social e-commerce startup dedicated to improving the distribution of agricultural products. Through SariSuki, customers can order fresh produce directly from local farms through designated resellers. The startup has raised approximately $30 million in funding from backers like JG Digital Equity Ventures and Foxmont Capital.
Shoppable Business, led by CEO Carlo Silva, is another noteworthy e-commerce startup. It helps local businesses procure authentic branded products and has already raised $1.2 million in funding.
Sprout Solutions, a cloud-based human resources technology provider, offers employers payroll automation and data-driven analytics. Led by CEO Patrick Gentry, Sprout Solutions recently secured $10.7 million in funding.
TANGGapp, led by CEO Rebecca Kersch, focuses on payments and international remittances from the US to the Philippines. The startup offers users the ability to send and receive money from their phone contacts and has experienced significant growth since its launch three years ago.
To be included in the Forbes Asia 100 to Watch list, startups must meet certain criteria, including being headquartered in the Asia-Pacific region, privately-owned, for-profit, and having no more than $50 million in annual revenue and $100 million in total funding.
The list represents an array of industries, including biotechnology and healthcare, e-commerce and retail, and finance. Singapore leads the list for the second year in a row with 20 companies, followed by Hong Kong with 15, mainland China with 11, Indonesia with 11, and the Philippines with nine.
Overall, these startups showcase the vibrant and innovative entrepreneurial spirit in the Philippines and across the Asia-Pacific region.
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