For many in the industry, it felt like there was a general air of caution and restraint in the funding and deal-making activities in the region in 2024. But that doesn’t mean there wasn’t anything going on in the startup space. In fact, last year, the Philippines saw total funds raised to P1.12 billion, the highest it’s ever been in the last six years. That’s an increase of 16.6 percent versus the previous year (P960 million) and a whopping 154 percent surge compared to the P440 million raised in 2018, according to Foxmont Capital Partner’s 2025 startup report.
While deal volume declined from 96 in 2023 to just 88 last year, there were more growth-stage investments alongside steady deal flow all throughout 2024. Fewer players were also active in the $10 million to $20 million range, but larger-ticket funds raised more than made up the difference. There couldn’t be a clearer sign that investor confidence on Philippine startups—and indeed in Philippine business in general—is as strong as it’s ever been.
The honorees in this year’s Startup Trailblazers List are, as usual, a mix of founders, venture capitalists, investors, incubators, executives, creatives, and government regulators and supporters working tirelessly in service of a dream. We recognize their efforts and draw inspiration from their hard work and perseverance as they toil behind the scenes.
See the 2022 list here, the 2023 list here, and the 2024 list here.
Kendrick Kho
Hyperparameter
Based in the United States, Kendrick Kho wears multiple hats in the startup space. He is the founder and general partner of Hyperparameter, an early-stage VC firm focused on AI applications in industries like healthcare, manufacturing, and finance. A Master of Science in Management Science and Engineering graduate of Stanford University, he also founded Fourth Realm, which invested in companies engaged in B2B and deeptech like SpaceX, Expedock, Universal Hydrogen, Fieldguide, Zap Energy, and many more. He was also a partner and global lead for investments at Global Founders Capital, which counts among its portfolio companies Deel, Karat, Slope, PayMongo, Hyperscience, Cedar AI, and many more. During an interview on the Hustleshare podcast, Kho talked about how he is “introducing advanced technology to underserved markets, driven by his Filipino heritage and passion for global impact.”
Gina Romero
Connected Women
Gina Romero is founder and head of special projects of Mettamatch, which offers “ethical AI development” to companies to ensure that its use adheres to the highest standards of accuracy, fairness and transparency. Perhaps more consequently, she is also the founder of Connected Women, a community of over 200,000 women that provides digital skills training and gives them access to opportunities within the digital economy. Connected Women organizes a variety of programs, including its flagship Elevate AIDA, which trains and upskills women to work as data annotation specialists within the AI industry, in partnership with UN Women.
Alf Wilson
Parkwise
Motorists will tell you that one of the major drawbacks of owning a car is finding parking in the city. Parkwise is a startup that builds facilities particularly in areas where demand for parking is high. The company already has over 80 parking facilities and is set to open more thanks to funding in the amount of $250 million it received from a joint venture of investment companies Patrizia and Mitsui & Co. Ltd. The new parking facilities will be equipped with EV charging stations as well as rooftop solar panels. The company’s director, Alf Wilson, is the son of the founder of Wilson Parking, a familiar enterprise in Australia that was founded in 1962.
Jae H. Park and Jae M. Park
Nibertex
Nibertex’s core product is marketed as “the world’s most breathable membrane ever.” Waterproof and windproof, breathable, air permeable, resistant to heat and cold, and completely free from harmful per- and polyfluoroalkyl substances (PFAS), the material has various applications in multiple industries, including textile, automotive, medical, and others. The Park brothers, while originally from South Korea, grew up in Manila and chose to open a Nibertex facility in Dasmariñas, Cavite. Late last year, Nibertex closed a pre-Series A funding round, which it intends to use to scale up production and double down on research and development.
Maria Cristina Ibañez
SCALE NCR
The Strategic and Collaborative Alliance for Leveraging Ecosystem of Startups-NCR (SCALE NCR) is a consortium under the Department of Science and Technology dedicated to supporting the growth and advancement of startups located within the country’s capital region. It does this by fostering collaboration among so-called Technology Business Incubators (TBI), which includes QBO Innovation, Animo Labs, Miriam College Technology Business Incubator, Adamson University-AduNest, Mapúa University-Think & Tinker Laboratory, University of Santo Tomas-TomasInno Center, University of the Philippines Diliman-UPSCALE Innovation Hub, and Technological Institute of the Philippines-NITRO. Besides heading SCALE-NCR as its president, Maria Cristina Ibañez is also the chairperson of the School of Business, Entrepreneurship, and Accountancy of Miriam College and the Innovation Manager of the school’s Henry Sy. Sr. Innovation Center.
Crystal Gonzalez and ER Rollan
Noneaway
The co-founders of Noneaway are well-known within the startup world: Crystal Gonzalez has built an impressive resume for having helped birth and manage companies like Honestbee, Pick-a-Roo as well as launching and running messaging app Viber in the Philippines; while ER Rollan, is of course, best-known for being the co-founder and CEO of Growsari. Together, the duo came up with a new venture: answering the question of how to make property buying, selling, and renting in the country safer and simpler. Noneaway does this by connecting property owners, seekers, and licensed brokers with verified listings through an AI-powered platform. In late 2024, NoneAway secured $1.25 million in a pre-seed funding to help take the concept to the next level.
Atty. Jocel Isidro Dilag, Don Gumayagay and Lorenz Timothy Barco
Legaldex AI
LegalDex AI is a tool designed to assist legal professionals and students by enhancing the efficiency and effectiveness of legal research. Offered as a subscription mainly to law practitioners, the tool simplifies research by providing comprehensive search capabilities, AI-generated summaries, case digests, and personalized Q&A sessions for jurisprudence and laws. Co-founders Don Gumayagay and Lorenz Timothy Barco Ranera, along with CEO Atty. Jocel Isidro Dilag, envision Legaldex AI to streamline processes involved in legal research, allowing practitioners to allocate more time to strategic tasks and client engagement.
Isa Pulvinar, EJ Angeles, Simon Te
MOLD
MOLD bills itself as a makerspace and circular design studio that empowers creatives to bring their ideas to life through 3D printing and other media. Founders Isa Pulvinar and EJ Angeles and creative director Simon Te encourage kids and adults alike to visit the space to express their creativity and hopefully inspire the next generation of makers to use their imagination to solve real-world problems. MOLD offers classes and workshops such as 3D design, decorative repair, fragrance deisgn, tufting to create carpets and rugs, and many others. Though its focus on creativity, MOLD has become a “community hangout,” where people come together to talk and interact over creative projects.
Rhea See
She Loves Tech
Besides being the world's largest startup competition and accelerator program for women in technology, She Loves Tech also carries the world’s largest pipeline and database of over 15,000 women-led startups from over 100 countries. Co-founder and CEO Rhea See is a proudly Filipino entrepreneur, investor, and all-around tech dynamo who is helping women gain access to funding, networks and resources. Over the years, the annual She Loves Tech Global Startup Competition has collectively raised over $500 million in funding, with finalists securing investments from some of the world’s biggest corporations and VCs. Together with the entire She Loves Tech team, See is working hard to promote gender diversity and equity within the tech industry.
Enrico Paringit
DOST-PCIEERD
The Department of Science and Technology’s Philippine Council for Industry, Energy, and Emerging Technology Research and Development is the government's lead agency in supporting research and development (R&D) that fosters innovation, productivity, and competitiveness in various industries. Led by its executive director Enrico Paringit, the PCIEERD provides grants and funding, offers training and workshops, and assists in the commercialization of innovative products and technologies. Ultimately, PCIEERD plays a significant role in driving innovation, technological advancements, and scientific research in the Philippines, contributing to the nation's development and competitiveness.
Winston Damarillo and Vice Catudio
Higala
Higala means "friend" in Cebuano. It is also the name of an inclusive instant payment system (IIPS) startup that aims to modernize the country's digital financial infrastructure and promote financial inclusion. Co-founded by Winston Damarillo and led by CEO Vice Catudio, the startup connects thrift banks, rural banks, and microfinance institutions that have been excluded from traditional payment networks due to high switching and on-ramp costs. Damarillo is, of course, well known in the startup scene as managing partner of Talino Venture Studios, which is a global venture studio dedicated to sustainable innovation. Catudio, meanwhile, is a digital economy expert with 30 years of experience, including a strong background in financial services consulting.
Zahrah Zanjani
Cubo Modular
Zarah Zanjani co-founded Cubo Modular to tackle the Philippines' housing challenges. By utilizing engineered bamboo, her team creates modular homes inspired by the traditional bahay kubo, offering affordable and eco-friendly options that can be assembled in mere hours. Zanjani's innovative approach earned her a spot in Forbes' 30 Under 30 Asia list in 2019.
Leah Callon-Butler
Emfarsis
Leah Callon-Butler leads Emfarsis, a consulting firm that delves into the socioeconomic impacts of emerging technologies. A staunch advocate of blockchain and digital assets, Callon-Butler is helping build conversations around web3 and, most notably, the rise of “play-to-earn” games in the Philippines. November 2024 saw the premiere of a film series that she wrote and directed called Metaverse Filipino Worker, a five-part exploration of how Filipinos are embracing web3 as a new frontier for work. Produced in association with Yield Guild Games and YGG Pilipinas, the series provides a fascinating look inside the lives of a diverse group of people each forging their own path in the rapidly growing web3 workforce.
Enrique Hormillo and Miguel Locsin
Doon
Think of Doon as an AirBnb for cars. The country’s first fully insured peer-to-peer car-sharing platform from founders Enrique Hormillo and Miguel Locsin allows car owners to rent them out to others who need them. This allows owners to earn money from their cars while renters can have the convenience of being able to use a car when they need to. The vehicle is insured and there are things like emergency roadside assistance and GPS tracking to give both owners and renters peace of mind. In October last year, Doon raised $1.5 million in pre-seed funding, which it plans to use to further develop its web marketplace and enhance its current mobile online car-sharing platform.
John Avrett
Hive Modular
Hive Modular specializes in the design and construction of sustainable pre-fabricated homes. Founded in April 2023 by John Avrett, who is a former U.S. diplomat and Air Force engineer, the company aims to revolutionize the housing industry by offering factory-built, sustainable, and scalable housing solutions. In February 2025, Hive Modular partnered with Alesea Inc. to develop modular houses in Bohol and it plans to expand its manufacturing base in the Philippines to meet local demand and explore future export opportunities.
Arnold Bagabaldo
Packetworx
A firm believer that the Internet of Things (IoT) will “dramatically change” the lives and create a huge impact in a lot of businesses, Arnold Bagabaldo founded Packetworx, a startup that offers end-to-end IoT solutions from devices, network infrastructure, and cloud-based data visualization tools. Bagabaldo’s vision has led to the deployment of nationwide IoT networks, enabling smart city applications and industrial automation. In November 2024, Packetworx organized the annual IoT Conference in collaboration with the Department of Information and Communications Technology (DICT) as a venue for industry professionals, government representatives, and global IoT stakeholders to converge, collaborate, and explore the potential of connected technologies.
Priya Thachadi
Villgro Philippines
After spending a decade and a half in international development, Priya Thachadi came to the country in 2017 to set up Villgro Philippines, an early-stage impact incubator that is “women-led and gender-smart.” Over the past five years, Villgro Philippines has built a direct portfolio of over 80 startups across sectors such as health, education, agriculture, affordable housing, and women's empowerment. Thachadi herself nurtures “ambitious drivers of social change” to support social enterprises in these sectors and develop innovative solutions to improve the lives of marginalized communities.
Edmund Solilapsi and Abigail Tan
ARQ Capital
Established in 2016, ARQCapital aims to be the preferred financial partner for promising but financially challenged entrepreneurs and small to medium-sized enterprises (SMEs) in the country. Led by Solilapsi and Tan, both of whom have an extensive experience in investment banking, private equity, and business management, ARQCapital has built a diverse portfolio over the years, investing in sectors like Healthcare, Consumer Goods, Financial Services, Real Estate, Food & Agriculture, and Small Infrastructure & Logistics. In September 2024, ARQCapital partnered with the Australian government to mobilize private capital and support loans for women-owned or -led small businesses in the Philippines, emphasizing its dedication to promoting gender equality and empowering women entrepreneurs.
Marc-Olivier Caillot and Sabrina Tan
Lhoopa
Marc-Olivier Caillot and Sabrina Tan are no strangers to the Trailblazers List as they were in the same list last year. Combining expertise in finance and technology, the duo’s proptech company leverages data analytics to optimize real estate investments. In July last year, Lhoopa announced the successful completion of an $80 million Series B funding round, which was one of the biggest by a startup in the Philippines to date, and one of the biggest raises in Southeast Asia last year. The new capital will enable the company to expand in the Philippines and to other emerging markets, strengthen its technology capabilities to better support partners, and launch its green housing options. Lhoopa's AI-driven platform has since led to the sale of 2,500 affordable homes across 58 cities in the Philippines.
Pavel Fedorov
Salmon
Another familiar name in the Trailblazers List is Pavel Fedorov of Salmon, who co-founded fintech startup Salmon together with George Chesakov and Raffy Montemayor. Salmon initially offered accessible digital financial services through a buy now, pay later model but has since gone on to expand its financial products to include things like consumer loans and revolving credit lines. Under Fedorov’s leadership, Salmon was named the leading fintech group in the Philippines at the World Business Outlook Awards of 2024. Salmon is now available in over 2,000 locations across the Philippines and is still rapidly growing.
Ana Yang-Calubad
Britana
A veteran software engineer, Ana Yang-Calubad founded Britana in 2017 as a software-as-a-service (SaaS) company. Britana offers a cloud-based enterprise resource planning solution that requires no-code at affordable price points, allowing small and medium enterprises to streamline their operations and maximize their profits. In addition to founding Britana, Calubad is also the managing director at Narra Solutions LLC, further showcasing her leadership within the tech industry.
Ryan Llamoso and Joy Bautista
Tomo Coffee
In 2021, Joy Bautista and Ryan Llamoso co-founded Tomo Coffee, a Japanese-inspired, tech-enabled coffee chain. Incorporating Philippine beans into its coffee offerings, the company scored funding from Kaya Founders in September 2023 and has since rapidly expanded to 40 stores nationwide and growing.
Tina Sabarre
Hiblatech
Tina Sabarre’s long list of credentials includes significant corporate positions, including country manager at Luxasia and country retail director at Johnson & Johnson. She also co-founded integrative online pharmacy and health platform Mediclick PH in 2020. Together with Kristine Bañez, who has a no less impressive resume that includes stints at several multinational companies like P&G, Janssen, and Johnson&Johnson, she co-founded Hiblatech, s startup dedicated to developing sustainable fibers and textile from agricultural waste. The company collaborates with industry designers to test the application of these fibers and textiles as an alternative to less environmentally friendly materials.
Harm-Julian Schumacher, Tommy Campos, Subramaniam Srinivasan
OneLot
OneLot was established in 2023 to address significant challenge faced by car dealers: access to credit. The company provides working capital financing exclusively to these dealers through tailored loan solutions, helping them expand their inventories, cater to a broader customer base, and enhance profitability. In less than a year, OneLot has become the leading used car dealer financing platform in the Philippines. In October 2024, the company announced that it had secured a $4 million pre-seed funding round which it said it would use to accelerate the development of its technology platform, with a strong focus on product and AI advancements.
Carlo Silva
Shoppable Business
Shoppable Business is a supply chain technology startup whose main focus is to streamline the procurement process for businesses by providing access to authentic branded products and services at wholesale prices, with no minimum order quantity (MOQ). Founded in 2022 by Carlo Silva, along with co-founders Sam Blanquera and Chris Blanquera, the company currently supports over 1,400 suppliers and more than 300 buyer companies on its platform. Earlier this year, the company secured $1.16 million in seed funding, which is in addition to a $1.15 million oversubscribed pre-seed funding round in 2023. The funds will go to efforts to modernize Southeast Asia's fragmented supply chains by reducing manual inefficiencies and improving data accuracy, empowering businesses to scale faster and operate with greater agility.
Michael Bantigue and Walter Boo
Invesko
Michael “Miko” Bantigue wanted to eliminate the barriers to investments after learning about challenges in stock trading from the Philippines to the US. In May 2024, he launched Invesko, a regional investment platform that allows users to trade for as low as a dollar. Together with his COO Walter Boo and their team, Bantigue was able to attract 20,000 Gen Z investors, the company’s target market, within just three months. According to its founders, Invesko aims to become "the most trusted, cost-effective, and culturally relevant investment app for Gen Z in Southeast Asia," empowering young individuals to achieve financial independence.
Tina Amper
Geeks on a Beach
Tina Amper is the founder of the popular Geeks on a Beach, an international tech conference that brings together startups, investors, and industry leaders in a relaxed tropical beach setting. Her initiative has fostered collaboration and innovation, significantly contributing to the growth of the local startup ecosystem. Amper is also the founder of Techtalks.ph, an independent community of business, technology, and startup enthusiasts that hosts meetups, events, and workshops to facilitate networking and foster innovative ideas and skill acquisition.
Elyssa Lopez
Journalist with TechinAsia
Elyssa Lopez graduated with a Journalism degree from the University of Santo Tomas and pursued an MBA at the University of the Philippines. She formerly wrote for Entrepreneur Philippines and Esquire Philippines before moving on to become a writer for the Philippine Center of Investigative Journalism (PCIJ). Today she is a reporter covering startups and the emerging tech sector across Southeast Asia for regional platform TechinAsia. While there are several platforms and reporters that cover the space regularly, few have her skills and guts to tell the story as it is. The industry is all the better because of journalists like her.
Raya Buensuceso
Kaya Founders
Known as employee No. 1 at Kaya Founders, it’s not a stretch to say that Raya Buensuceso helped build one of the most high-profile VC firms in the country today from the ground up. As managing director of Kaya Founders, she subscribes to the belief that private sector capital coupled with innovation is necessary for economic development. Her keen investing sense has allowed Kaya to make strategic moves, allowing the company and the men and women behind it to nurture high-potential ventures, support entrepreneurs, and enhance the region's startup landscape.
Vincent Rocha
Mylo Speech Buddy
Mylo Speech Buddy is an innovative speech development application designed to assist children with speech delays, particularly those on the autism spectrum. Founder Vincent Rocha’s personal journey as a parent of a child diagnosed with autism spectrum disorder (ASD) at age two inspired him to create a solution that could support other families facing similar challenges. Launched in July 2023, Mylo Speech Buddy offers a range of video modules and interactive features developed in collaboration with speech pathologists and occupational therapists. Last year, Mylo was one of the four businesses selected to represent the Philippines at the Collision Tech Conference in Toronto, Canada. The event featured 500 startups from over 30 countries and provided a platform for Mylo Speech Buddy to embark on international expansion.
Jerome Uy, Meredith Ngo, and Germaine Kaw
Medgrocer
MedGrocer is a healthtech startup that provides digitally enabled corporate healthcare solutions, including online pharmacy services, medicine delivery, vaccinations, and teleconsultations. It was founded in 2016 by Jerome Uy, Meredith Ngo, and Germaine Kaw, who, together, have extensive backgrounds in management consulting, finance, and risk management. Medgrocer says it has been serving over one million Filipino customers annually directly or through its partnerships with employers and pharmaceutical companies.
Alewijn Aidan Ong
National Development Company
Alewijn Aidan Ong is the assistant general manager for the Business Development Group of the National Development Company (NDC), which is the investment arm of the Department of Trade and Industry. Focusing on investment strategies and business development initiatives, Ong was also appointed chairperson of the Startup Venture Fund (SVF) Investment Committee in March 2024. Here he oversees investment decisions aimed at supporting and nurturing startups within the Philippines.
Stephanie Paula Ongtenco
Tenco Capital
Tenco Capital is a corporate venture capital firm that specializes in early-stage investments, particularly in pre-seed to seed-stage companies within the Philippines and Southeast Asia. Founded in 2022, the company has made several investments over the years in startups across various industries, including in Twala, Kindred Health, Shoppable Business, and Cocotel. Stephanie Ongtenco manages the fund together with her cousins Tiffany Ongtenco, Shyla Sy, and Jedrik Manzana.
Stephanie Oller
Pure Culture
Stephanie Oller’s search for skin care products that suited her sensitive skin led her to co-found Pure Culture. Together with co-founders Alex Gentry, Kim Reyes-Palanca, Rina dela Calzada, the company leverages data science in developing its products, which includes lotions, serums, soaps, among others. The brand prides itself for being toxin-free, locally sourced and offers a range of skin care solutions tailored for Filipino consumers.
