Toki, the social commerce platform dedicated to collectibles in Southeast Asia (SEA), has secured $1.8 million in pre-seed funding from key venture capital partners, including Kaya Founders and Foxmont Capital Partners.
The Toki platform has garnered support from prominent figures in the tech industry, such as Anthony Oundjian, Brian Cu, and Ernest Cu, along with an investment from renowned collector Bigboy Cheng.
“We believe that the founders of Toki bring with them a depth of experience from fintech, e-commerce, and ride-hailing that is unmatched, and we know that they are the right founders to bring Toki to great heights,” said Franco Varona, managing partner at Foxmont Capital Partners.
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As the platform continues its success in the Philippines, co-founder Zoe Ocampo highlights the universal desire for smooth, secure, and engaging transactions, noting the potential in markets like Thailand, Indonesia, and Vietnam. Toki plans to scale up its inventory and introduce more categories, leveraging its livestream auctions to enhance the overall collector experience.
Scale up
According to Toki, since its launch in November 2023, the platform has rapidly gained traction within the evolving collector’s market in the Philippines. The platform boasts over 70,000 products across its initial four categories, having enlisted more than 100 curated sellers, each ranking among the top 30 in their respective categories. Also, Toki has conducted almost 50 livestream auctions that enabled it to gain traction.
A joint study by Toki and GMO Research indicates that the collectibles market in Southeast Asia is currently valued at $34 billion, with a projected growth rate of 7.2% through 2026. By 2030, the market is expected to reach $54 billion. The Philippines, contributing $5 billion to this market, stands out with 37% of its population identifying as collectors.
Toki aims to address challenges faced by collectors, including unsecured transactions in payments, logistics, and after-sales. With a focus on providing a seamless experience from discovery to purchase, Toki debuted with four popular categories: Sneakers, LEGO, NBA Cards, and Funko Pops.
“Now that we are seeing traction, our primary goal is to establish ourselves as a reliable partner to Filipino collectors,” Frederic Levy, co-founder and CEO of Toki. “We still need to keep on perfecting our solution to address the gaps that we have already identified in the market.”
Levy noted that Toki is looking at expanding its categories and identifying other issues collectors face so they can find a solution to address them.