Cover How is the Philippine startup scene evolving and what does it take to get funded? (Photo: Canva, Illustration: Syrah Inocencio)
How is the Philippine startup scene evolving and what does it take to get funded? (Photo: Canva, Illustration: Syrah Inocencio)
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As head of Globe’s venture-building engine 917Ventures, Vince Yamat cuts through the noise of boom‑bust logic to reveal where capital truly matters and how startups can win
In the Where’s the Money series, we speak with industry experts about the trends and ideas impacting Asia’s wealth and financial markets
The Philippine startup scene is taking a breath—and getting smarter. Gone are the days of easy capital and inflated valuations. In their place are a sharper scrutiny, tighter execution and a clearer shift toward sustainable innovation.
But, is the money really drying up?
Not quite, says Vince Yamat, managing director and CEO of 917Ventures, the corporate venture builder behind some of the Philippines’ most successful startups, including KonsultaMD and PureGo. “Local venture funding hasn’t dried up. It’s just matured,” Yamat explains. “We’re past the days of spray-and-pray investing.” He refers to a strategy where investors fund many early-stage startups with small checks, hoping a few big successes will deliver high returns.
We speak to Yamat about the recalibration of capital, why AI and fintech are still hot bets, and how startups can win in a more disciplined, data-driven funding era.
Read more: What’s happening with Asia’s startup funding?
Above 917Ventures managing director and CEO Vince Yamat (Photo: Vince Yamat)
917Ventures managing director and CEO Vince Yamat (Photo: Vince Yamat)
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The market narrative
In recent years, the Philippines has surged into the limelight as Southeast Asia’s most exciting VC market—a title backed not by hype, but by substance. According to recent data, total venture investments in the Philippines soared to an estimated US$1.5 billion in 2024, marking a nearly 50 per cent increase from the previous year and signalling growing investor confidence.
Early-stage funding also surged by around 60 per cent, highlighting a renewed focus on scalable innovation. As of mid‑2024, venture capital deal flow reached record highs, with the Philippines accounting for roughly 19 per cent of Southeast Asia’s total VC deal value.
Still, this boom is not without its caveats. Global startup gauge StartupBlink reported that the Philippines fell to 64th globally in its ecosystem index in early 2025, citing uneven infrastructure, regulatory bottlenecks and concentrated activity around Metro Manila. Growth outside the capital is gaining momentum but barriers remain in scaling regional hubs.
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A higher bar, a better market
Yamat doesn’t mince words: the Philippine startup ecosystem is undergoing a “much-needed recalibration.” The pandemic-era boom left a trail of bloated valuations and growth-at-all-costs mentalities. Today, both investors and founders are acting with more clarity.
“This isn’t a funding freeze—it’s a reset. And in that reset, high-quality companies have more room to stand out.” According to Yamat, venture capital in the country isn’t contracting but evolving. He said investors are still writing checks but they’re more selective, prioritising unit economics, clear value propositions and disciplined execution. Limited partners (LPs) are pushing for better governance and capital efficiency. “Founders are maturing,” Yamat says. “Less hype, more focus on solving real, urgent problems.”
Below, the venture builder answers more questions about Philippines’ venture landscape.
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Above 917Ventures team, Globe Group’s corporate venture-building engine (Photo: Vince Yamat)
917Ventures team, Globe Group’s corporate venture-building engine (Photo: Vince Yamat)
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Is the money flowing to specific sectors? Which sectors are seeing an increase and decrease in funding?
Vince Yamat (VY): In 2024, Philippine tech funding nearly quadrupled from the year prior, with growth concentrated in standout sectors. Fintech is still leading, buoyed by payments, inclusive finance and infrastructure. GCash’s US$5 billion valuation is proof of scale and product-market fit.
E‑commerce is poised to hit US$22 billion, driven by mobile-first consumers and elevated digital trust, while AI is emerging fast. Applications in agriculture, logistics, fintech, and education are surging under supportive policies like the National AI Strategy Roadmap. Lower investor interest is seen in consumer-facing startups lacking clear monetisation paths.
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What are the short‑ and long‑term implications?
VY: In the short term, expect longer fundraising cycles, valuation adjustments, and capital favouring startups showing traction and efficiency. In the long term, we’re building a healthier ecosystem. Expect fewer but stronger companies with solid teams, better unit economics and real staying power. Quality triumphs over hype.
How does the current situation affect how you, as a venture capitalist, are investing? What do you look out for in startups in these circumstances?
VY: At 917Ventures, being builder-first is in our DNA; we incubate from zero, test relentlessly and scale only what works. We’re scouting external startups anchoring within Globe Group—tapping our payment rails, telco data, distribution, and tech infrastructure. We invest in startups with strong unit economics, deep customer insight, founder grit and execution capability.
The startups also need to have capital-efficient scaling plans. Preferably, solutions that serve telcos and their customers, covering connectivity, content, commerce, CX, or API-first infrastructure. We champion startups unlocking and commercialising data—safely leveraging Globe’s assets for personalisation, credit scoring, fraud prevention and more.
In this environment, our telco-platform edge and operational support are what early-stage founders need to accelerate.
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How do you see startups responding to the current situation?
VY: The best are adapting rapidly by extending runway, prioritising profitability over blitzscaling, pruning waste and focusing on core products, and returning to first principles—tightening scope, validating with users and building lean.
What should startups be focusing on right now?
VY: This is the time to build with intent. Founders should focus on sustainable growth: retention, monetisation and margin. They should also think about operational rigour: efficient burn, lean teams and real value delivery; solving urgent, painful problems. They must be customer obsessed, especially as behaviour shifts; and they must have resilience: mental and organisational toughness to weather cycles.
Syrah is Tatler Philippines’ Power & Purpose editor, where she spotlights extraordinary journeys shaping the Philippines and Asia. She covers business, innovation, impact, and culture—chasing the people, ideas and forces shaping how we live and think today.
