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Foxmont Capital Partners and Boston Consulting Group released the Philippine Venture Capital Report 2024 showing that despite global headwinds in 2023, the Philippines’ startup ecosystem showcased resilience, outperforming its regional neighbors.
The decline was mitigated by the country seeing an impressive 96 deals in 2023, a record in terms of deal volume, marking a 16 percent year-on-year growth from the 83 deals tracked in 2022. Coupled with an increasing number of regional funds investing into the country, the Philippines is showing growing confidence for regional and global investors.“The sustained momentum we see in Philippine startup investments is encouraging, particularly with early-stage deals.
“There are many exciting prospects in the Philippine startup ecosystem. As the landscape develops, we expect to see companies providing deeper value propositions as a core part of their customer strategy. This focus on offering more tailored solutions is in-line with the evolving needs and preferences of the Filipino consumer, who value engagement, trust, and relationships,” said BCG managing director and senior partner Anthony Oundjian said.
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