Rise Group, an Internet Solutions Company, Scores Investment from Gobi-Core Philippines Fund

The Gobi-Core Philippines Fund has announced its next investment: Rise Group, an internet solutions provider which delivers an improved internet experience for businesses, telco service companies, and property developers. The amount of the funding was undisclosed, although likely significant, judging by the other startups in Gobi-Core’s portfolio. 

In a statement, Core Capital, which co-manages the fund with pan-Asian VC firm Gobi Partners, said the investment “aligns with Gobi-Core’s overall mandate to help nurture and empower the technological ecosystem growth in the country.”

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The Rise Group divides its business into three key areas: Rise, which provides high-quality internet services to businesses; GetaFIX, a local ISP that touts itself the first and largest commercial carrier-neutral internet exchange in the country; and OpenAccess, which helps property developers gain access to more telecommunication options for their locators and residents while also accelerating the shift from copper to fiber coverage. 

The company currently operates in Cebu, Manila, and Davao.

The Rise Group is Gobi-Core’s eighth announced investment in a local startup. It’s preceded by previously announced funding for high-profile and top-performing startups like Tier One Entertainment, Maria Health, kumu, Edukasyon.ph, Etaily, Flowerstore.ph, and CloudEats.

“If the overall digital economy in the Philippines is to hit $35 billion in GMV (gross merchandise volume) by 2025, we need to continue improving the quality of our internet infrastructure,” said Core Capital managing partner Jason Gaisano. “Through this partnership, we see a huge opportunity that remains underserved in this business segment." 

“To improve internet access in the Philippines, we need to address issues of access, quality, and affordability,” added GetaFIX Head Gio Bacareza. “While significant progress has been made, with 53 percent of Filipinos using the internet, median download speeds improving to around 68Mbps, and prices dropping, there is still a long way to go. How can we make internet access available to the other half of the population? In Southeast Asia, the median download speed is over 100Mbps. Paying for the internet currently takes up 12% of someone's wallet, as measured by GNI per capita, compared to five percent for the rest of Southeast Asia. Clearly, there is much work left to be done.”