This website is embargoed until further notice.
All content is only to be viewed by official partners and is not to be shared
By Endeavor Insight
Endeavor Insight partnered with Endeavor Philippines to study the entrepreneurship ecosystem for tech companies. The findings are based on more than 80 interviews with tech entrepreneurs conducted from May to July 2024, and data on more than 300 companies and their founders.
The tech sector in the Philippines grew from nearly 100 companies in 2014 to more than 300 in 2024. The growth was driven by development in the fintech and e-commerce sectors, as well as other tech solutions in artificial intelligence (AI), data analytics, education, and blockchain.
Network mapping shows entrepreneurial companies and how they are connected to one another through former employment, mentorship, investment, and serial entrepreneurship. The size of each bubble represents the relative influence of that company’s founders on other entrepreneurs in the ecosystem.
A handful of successful companies jumpstarted the tech sector in the Philippines. Coins.ph went on to become the most influential tech company in the community and Kalibrr was the first Philippine startup to be supported by Y-Combinator.
Between 2015 and 2017, the support system for founders grew with the launch of Endeavor Philippines and other organizations that formalized connectivity between entrepreneurs. These included Kickstart Ventures, Manila Angels Network, and QBO.
As of 2024, the entrepreneurial ecosystem is robust with mentors, angel investors, and serial founders. Growth in tech has been underpinned by widespread internet usage from a growing population. Coins.ph was acquired in 2019 by GoJek, marking one of the first exits in the Philippines. Growth stage capital flowed to the country, with companies like GrowSari, Great Deals, and Kumu securing Series B or C rounds.
The founders of the most influential companies in the network have now gone on to start second or third companies, and their early investees are becoming investors themselves. These Multiplier Effects™ reinvest local knowledge and wealth, and are prized assets in the community.
Without the most influential companies, the ecosystem is barren. If the top seven companies and their contributions had not happened, it would be equivalent to the ecosystem in 2018 — setting the growth back by six years.
Explore the Philippine tech sector and search for specific companies in the interactive network map below.
Jump to
Interactive Map
Founders of scaled companies are more likely than those of smaller companies to have received mentorship from someone else in the ecosystem, and nearly twice as likely to have received angel investment.
Founders who grew their companies to 50 or more employees are over twice as likely as those of smaller companies to have provided mentorship to someone else in the ecosystem, and more than five times as likely to have provided angel investment.
Businesses that grow rapidly to 50 or more employees will do the most for the economy. The tech sector is predominantly made up of smaller companies, but businesses that grow larger are driving the vast majority of job creation.
Companies with at least one female founder make up nearly one-third of tech companies in the Philippines. Over time, the rate of female entrepreneurship has increased. It grew from 28 percent of companies founded between 2015 and 2019, to 34 percent of companies founded between 2020 and 2024. This is a promising development, but more could be done to lower barriers for female founders and encourage future generations of women.
Endeavor Insight asked tech founders about their most common challenges, how serious they considered these were to operating their businesses, and whether they were able to overcome them. The findings below are based on the responses of the 86 entrepreneurs who participated in the survey.
For founders who scaled their company to 50 or more employees, the top challenges were access to capital and the lack of specialized technical talent. For smaller businesses, the main challenges were related to government policies and arduous regulations. All businesses faced challenges finding qualified managerial talent.
Since launching in the Philippines in 2015, Endeavor has supported a majority of the most influential companies in the tech sector and encouraged entrepreneurs to then pay it forward to other founders.
Since launching in the Philippines in 2015, Endeavor has supported a majority of the most influential companies in the tech sector and encouraged entrepreneurs to then pay it forward to other founders.
In its 10 year history, Endeavor Philippines has expanded its role in the ecosystem to include investment and partnership. In January 2017, the Endeavor Catalyst fund made its first investment in a Philippine company, SwipeRx (formerly mClinica). The fund has since made five other investments in Endeavor Philippine companies — Sprout Solutions, Kumu, GrowSari, Mineski Global, and First Circle.
The organization has also worked on various programs including the Scale Up Program for supporting early stage companies, an Open Innovation program bridging corporates and startups to collaborate and innovate, and additional initiatives to increase support for top-performing Endeavor Outlier companies.
In its 10 year history, Endeavor Philippines has expanded its role in the ecosystem to include investment and partnership. In January 2017, the Endeavor Catalyst fund made its first investment in a Philippine company, SwipeRx (formerly mClinica). The fund has since made five other investments in Endeavor Philippine companies — Sprout Solutions, Kumu, GrowSari, Mineski Global, and First Circle.
The organization has also worked on various programs including the Scale Up Program for supporting early stage companies, an Open Innovation program bridging corporates and startups to collaborate and innovate, and additional initiatives to increase support for top-performing Endeavor Outlier companies.
When role model founders support one another, they create a Multiplier Effect — mentoring, investing, and inspiring others to build and scale companies.
Click on the founders below to explore the stories of Endeavor Entrepreneurs in the Philippines.
Ron Hose, an experienced entrepreneur, came to the Philippines in 2013 with a plan to make a meaningful impact in a country that he saw as a growing market and where he felt at home. There he cofounded Coins.ph, with an aim of addressing the lack of financial services locally, eventually selling it to GoJek in 2019. A strong advocate for mentoring, Hose now serves on the Endeavor Philippines board, sharing his experiences and advice to support and inspire the next generation of entrepreneurs.
Steve Sy, founder of Great Deals, has been a lifelong entrepreneur, starting by reselling sticker pieces to classmates. Over time, his ventures evolved into bigger opportunities, culminating in Great Deals, now the leading e-distributor in the Philippines. Working with multinational brands like Unilever, P&G, and Nestlé, Great Deals is one of the few Philippine companies to raise a Series B round. Sy remains committed to helping others, mentoring entrepreneurs to transition into the digital age and sharing his hard-earned lessons through various speaking and mentoring programs.
ER Rollan, Cofounder of GrowSari, grew up with a sari-sari store at his doorstep, giving him insight into the role these small businesses play in Filipino communities. After working at P&G in Singapore, Rollan met his future cofounder, Shiv Choudhury, who had a similar background in India’s kirana stores. In 2016, they launched GrowSari, evolving it into a full-service platform that helps sari-sari stores procure goods, access credit, and manage operations. Rollan and Choudhury also mentor founders and invest as angels in startups, committed to uplifting the Philippines’ entrepreneurial ecosystem.
Paul Rivera, cofounder of Kalibrr, began his career at Mercantila.com, an early e-commerce startup that sent him to Bangalore in 2004 to establish a business process outsourcing (BPO) center. After Mercantila’s acquisition by Google, Rivera returned to Manila and spotted inefficiencies in hiring processes in the Philippines. This led him to create Kalibrr, a smart recruitment platform that better matches candidates to employers. Rivera now pays it forward by mentoring the next generation, sharing his experiences to help others succeed.
Roland Ros and Rexy Dorado, second-generation Filipinos raised overseas, founded Kumu with a deep sense of community. Ros, inspired by his Filipino heritage, and Dorado, passionate about culture and social impact, met through Kaya Collaborative, a nonprofit connecting the diaspora to local causes. In 2018, they launched Kumu first as a messaging app, but pivoted to livestreaming after beta users showed a strong interest. Kumu now supports Filipino creatives, and both founders mentor and invest in the next generation of entrepreneurs, committed to making a lasting impact.
Richard Eldridge, CEO and cofounder of Lenddo, has called the Philippines home since 2011. In his role as a business owner with a previous company, many of his employees approached him for salary advances. This led him to recognize the need for better access to credit for low- and middle-income individuals. In 2011, he cofounded Lenddo to promote financial inclusion in the Philippines. Eldridge continues to mentor and invest in startups globally, showcasing his commitment to helping the next generation of entrepreneurs.
Entrepreneurs from the Endeavor network go beyond just building successful companies. These founders contribute to local economies, create jobs, and launch initiatives that empower their communities.
Click on the founders below to learn more about their impact across the Philippines.
Nishant D’Souza and Bela Gupta D’Souza, cofounders of Edamama, created the platform after struggling to find reliable products for their own children. Frustrated by defective purchases, they launched Edamama to simplify decision-making for parents by ensuring all products are authentic and trustworthy. Beyond selling products, Edamama connects mom-focused brands to its community through events like Family Expo, which features over 250 of them. Their efforts bridge the gap between online brands and offline shoppers, supporting both parents and companies in the Philippines.
Patrick Lynch cofounded the fintech company First Circle to address the challenges SMEs face in accessing finance in the Philippines. Noticing outdated, paper-based lending processes, he and his cofounder created a platform to provide fast, accessible loans to SMEs, which play a vital role in the economy. During COVID-19, First Circle restructured loans to support struggling businesses. The company has helped these businesses grow by offering billions of pesos in loans, leading to an average 80 percent revenue increase for their clients.
Abetina Valenzuela was inspired to improve Philippine healthcare after learning hospitals struggled to meet urgent medical equipment needs. Since 2013, she has led Equilife, which provides critical care supplies more efficiently and affordably to hospitals. Determined to make even more of an impact, in 2021 Valenzuela became founding partner of Pulse 63, a venture studio co-building healthcare startups, and founded Kindred Health, a women’s health platform. Through these initiatives, she continues to drive impactful change in healthcare, addressing vital gaps and improving access to life-saving resources across the Philippines.
Lhoopa, cofounded by Marc-Olivier (Marco) Caillot and Sabrina Tan, is a real estate venture focused on providing affordable homes while empowering local communities. Leveraging Caillot’s expertise in technology and entrepreneurial background, and Tan’s background in psychology, Lhoopa utilizes proprietary algorithms and data to streamline real estate operations, enabling faster and more efficient development. Their mission is to transform lives by making affordable housing a reality, while fostering strong partnerships with local contractors and brokers.
The vast majority of founders interviewed for this study were positive or extremely positive about the future of the ecosystem. Endeavor Insight recommends the following strategies for decision makers in the Philippines to foster a more globally competitive and self-propelling entrepreneurial ecosystem.
The companies that scale are the ones that generate the vast majority of jobs and are more likely to pay it forward to the next generation of successful founders. Only 25 percent of companies founded in the last 10 years have reached the scale of 50 or more employees.
Local decision makers should give more focus to the fastest-growing companies that have the greatest potential to scale. Attention should also be given to companies that not only reach customers within the Philippines, but those with the most potential to expand operations throughout Asia and globally.
Decision makers should do more to identify and support promising female founders, as they could unlock more potential in the ecosystem. There are opportunities to better understand the specialized needs of female entrepreneurs, help connect them with relevant networks, and address systemic biases within entrepreneurship and venture capital.
Investors and support organizations should help address the challenges specific to scaling businesses, including the availability of local growth-stage capital, access to specialized technical talent, and securing qualified managerial talent.
Endeavor Insight’s previous research provides a guide for support organizations on how to tailor their offerings to better match the needs of founders by business model and customer type. Programs should include entrepreneurs in decision-making roles, allowing them to contribute to curriculum design and investment decisions.
When local founders receive mentorship and investment from other successful Philippine founders, they are more likely to scale. As companies scale up, they are more likely to pay it forward to up-and-coming founders. This virtuous cycle of ecosystem growth is what will sustain the Philippine tech sector for the long term.
There is already a culture of collaboration among founders, but support organizations can play a greater role in highlighting the value of role models and founder connectivity. The rate of former employees going on to found companies that are based in the Philippines is lower than other types of founder connectivity, so more could be done to identify and encourage those second-generation companies.
Founder-led ecosystem development will strengthen the Philippine economy for generations to come.
The findings in this study point to the importance of founders as the driving force of the economy. As the Philippines looks ahead to the next 10 years, decision makers can now prioritize scaleups and unlock more growth-stage support. By leveraging the power of the Endeavor Multiplier Effect™, the Philippines will solidify the leadership role of successful founders in transforming the future.
For more information about this study, download the PDF data explainer, which includes the detailed methodology.
We are the leading global community of, by, and for high-impact entrepreneurs — those who dream bigger, scale faster, and pay it forward. Driven by our belief that high-impact entrepreneurs transform economies, Endeavor has been on a mission to build thriving entrepreneurial ecosystems in emerging and underserved markets around the world since its creation in 1997. Endeavor was established in the Philippines market in 2015. Contact [email protected] to get involved.
Endeavor Insight is the research division of Endeavor that provides data-driven analysis and visualizations showing what makes entrepreneurial ecosystems thrive. Our research team of economists, data scientists, and policy analysts specializes in understanding the needs of high-impact entrepreneurs and evaluating the networks that enable them to scale up and pay it forward to the next generation of entrepreneurs. For more information, contact [email protected].