It's that time of the year again! Philippine VC firm Foxmont Capital Partners has just released its 2023 Philippine Venture Capital Report with Boston Consulting Group. For everyone who asked us about the Philippines in the past year, you'll want to read this!

‍

🇵🇭 At a glance

That's a looot of new kids. From 111M in 2021, there was a 1.02% increase in the Philippine population to 113M in 2022. On average, the population increases over 1M a year!

Oh, to be young! The median age in the country is 25, way lower than the global median of 30.

• Around SEA. Indonesia's median age is 29, Singapore's is 42, Malaysia's is 30, Vietnam's is 32 and Thailand's is 39.

All and always online. The Philippines has 85.1M internet users as of 2022, making up a whopping 75% of the population. Internet penetration rates shot up 5x in the last three years, that's 12% higher than the global average.

• Users aged 16-64 spend 10 hours on the internet a day! The Philippines is the 2nd in the world and #1 in Asia for the highest internet use.  

‍

🤑 Got that cash

While there was all the "funding winter" talk and the global dip in deal activity, dealflow stayed steady in the Philippines during 2022.

• Pickin' up the pace. As of last month, there have already been 17 investments into the Philippines this year — and we're expecting that to hit 23 by the end of Q1.

Billions! Philippine startups raised $1.1B in 2022, up from $1.03B in 2021. It was just $440M in 2018!

• Funds raised have exceeded $1B for two years in a row now.
• Total deal value per year has grown 27x in the last 12 years.

‍

🤔 Where does all the money go?

Most of the deals are investments below $5M. Plus, more funding is going into startups outside of fintech and e-commerce.

Still, later-stage funding is growing, and deal sizes are getting larger. Very few Philippine startups ever hit Series A onwards before 2022! The ecosystem's maturing — and startups are showing growth potential! 

• 2022 was an A(+) year. We saw multiple startups raise their Series As, like edamama, Locad, Kraver's, SariSuki and Expedock.
• Later-stage 2022 deals? GrowSari (Series C), PDAX (Series B), Tonik (Series B) and BillEase (Series B).

‍

😏 So. Many. Firsts.

Multiple regional funds made their first-ever investments into Philippine startups in 2022.

• Do Ventures (Advance), Reefknot (Locad), Alpha JWC (Builtamart and edamama), East Ventures (Lista), TNB Aura (ztock), Quest Ventures (Kraver's), January Capital (Peddlr)

Foreign investors that previously invested in Philippine startups doubled down with more investments in 2022 into startups like SariSuki, Lista and Pickup Coffee.