Geeks on a Beach (GOAB 2023)News

PH startups aiming for $1 billion in funding at GOAB 2023

As the Geeks On A Beach (GOAB) international conference approaches on Nov. 22-23 in Panglao, Bohol, Philippine startups are gearing up to sustain their upward trajectory in funding.

Over the past two years, startups in the Philippines have collectively secured $1 billion in funding deals, and they hope to replicate this achievement in 2023.

GOAB gathers startup founders, entrepreneurs, software engineers, technologists, venture capitalists, corporates, government, and other stakeholders.

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Tina Amper, the founding organizer of GOAB, highlighted the growth in funding over the years. From $40 million raised by Philippine startups in 2010, this figure has skyrocketed to $1.03 billion in 2021 and $1.1 billion in 2022, as reported in the Philippine Venture Capital Report 2023.

Citing a study by Foxmonth, Amper pointed out that the Philippines has significantly increased its share of aggregate deals relative to neighboring Southeast Asian countries over the last three years. In 2020, the Philippines held a 2% stake, which surged to 5% in 2021 and further expanded to 9% in 2022. This underscores the impressive growth of the Philippine startup ecosystem compared to its regional peers, as noted in the Foxmont study.

“GOAB has been a part of the startup ecosystem since 2013. We are excited to meet old and new friends for this unique conference where we celebrate victories, share insights, pitch their ideas, and collaborate,” said Amper.