Filipino Social Commerce Platform Startup Seeks Slice of $5 Billion Local Collectibles Market
The market for collectibles in the Philippines is worth about $5 billion and goes up to $60 billion across Southeast Asia. It’s a market that a new Filipino startup is looking to penetrate and dominate. Toki is the first Filipino-founded social commerce platform exclusively devoted to collectibles like sneakers, sports cards, Lego, Funko, and art toys created by prominent Filipino artists and designers.
Launched in early November, the startup was founded by former executives of GCash led by Zoe Ocampo, Jules Jurado, Prabh Singh, and Frederic Levy. Angel investors and venture capital firms who have bought into the the fledgling company include Kaya Founders, Foxmont Capital Partners, Bigboy Cheng, Ernest Cu, and Brian Cu, Ray Alimurung, among others.
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Toki aims to address collectors who are burdened with “navigating an unsecured and convoluted trading journey, without a dedicated marketplace to seamlessly facilitate transactions.”
“For so long, the process of searching for collectibles and purchasing an item hasn’t been ideal,” said Ocampo in a news release. “Usually, we start the journey with social networks or messaging applications, and from there, one has to sift through at least 10 different sellers, unsure of the credibility and authenticity of their products. It has been consistently tedious and filled with unnecessary friction.”
At launch, Toki offers access to more than 70,000 collectibles through a user-friendly marketplace and regular livestream auctions facilitated by curated sellers. The items fall under four categories: Sneakers, Lego, NBA Cards, and Funko Pops. Using the platform, sellers can list their items for the said categories, while buyers can purchase the items similar to other online marketplaces.
“It's essential to note that every collectible on TOKI is sourced from carefully vetted resellers and then undergoes verification by our team to ensure authenticity,” Levy said.
Levy notes that around 40 percent of Filipinos collect some type of item and they’re spread across generations: 40 percent are aged 35-50, and over 50 percent are 25-34 years old.
“Collectibles have evolved beyond hobbies, becoming alternative assets for investment for some, a lifestyle choice, particularly with vintage items, for others,” he added.
Jurado explained that Toki enhances the quality of the transactional process for sellers, providing them with secure payment systems via GCash, logistics management solutions via NinjaVan, and customer support.
“A well-organized, responsible, and trustworthy seller is an essential element for a successful buying experience," Jurado said. ”Toki aims to address this by ensuring that its marketplace only hosts sellers who have successfully passed our selection and scoring system and that all products are checked by the Toki verification team, so there would be no question whether the product you’re getting is genuine and from a reliable source.”
Levy noted that Toki’s launch in today’s landscape is “at the right momentum.”
“We are seeing an opportunity to build a connected collectible ecosystem," Levy said. "We engage extensively with various collector communities, groups of enthusiasts like us. As we continue to expand to include more categories, it becomes increasingly apparent that the marketplace is just the inception of what Toki has to offer. We are already working on several initiatives to continue fueling the passion of all collector communities, first in the Philippines, and potentially in new markets across the region.”
