Filipino-Founded Startup Accelerator Raises $5 Million in Fresh Funding

Talino Venture Studios, a Filipino-founded venture builder, has raised $5 million (about P284 million) in fresh funding from a round led by sustainable development firm Chemonics International.  

In a news release, the accelerator and incubator firm said it intends to use the funds to bankroll initiatives to expand the reach of Talino's ventures to drive financial inclusion in the Philippines and other emerging markets.

Talino’s portfolio of companies includes startups ike BayaniPay, Asenso, Earnie, and Saphron.

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Chemonics, meanwhile, is a leader in sustainable development, and brings extensive experience in implementing innovative technology solutions globally. The firm has previously deployed digital payment systems and drone technology for medical supplies in underdeveloped regions.

"We're on the verge of something extraordinary,” Talino CEO Winston Damarillo said. “Our partnership with Chemonics signifies a pivotal moment in sustainable innovation. With a history of successful transformations and ventures and a commitment to people-first innovation, we're devoted to closing the financial inclusion gap for underserved individuals and communities in emerging nations worldwide.” 

“Innovation happens with smart investments and smart partnerships, and our investment in Talino represents the coming together of two unique and complementary companies,” Chemonics President and CEO Jamey Butcher said. “Talino has a proven record of developing high-impact technology and combined with Chemonics’ access to local leaders and deep expertise gained from our work in nearly 100 countries, we can create groundbreaking, scalable solutions with the potential to help millions.”

With the infusion of fresh capital, Talino hopes to further build on its mission of bridging the financial inclusion gap in emerging economies, not just the Philippines. 

In 2020, Talino worked on a project funded by the U.S. Agency for International Development (USAID) that aimed to boost e-payment adoption in the Philippines.

“While Talino’s ventures are built on Filipino innovation, our partnership with Chemonics enables us to go beyond the Filipino diaspora and make a positive impact on the lives of many more people," Damarillo said.  

In 2021, Talino raised about $1.25 million from cross-border venture capital firms and angel networks through an equity crowdfunding campaign in the U.S. Talino leveraged the equity crowdfunding opportunity “to engage partners, clients, stakeholders, and supporters in investing early in Talino and being a part of the company’s growth.”