The start-up industry in the Philippines has started to boom as the entrepreneurial spirit begins to strengthen in Filipinos. Various start-ups have been growing in different sectors making the Philippines a promising ecosystem for start-ups.
In 2018, the Philippines has raised more than $300M in start-up deals, raising the country’s rank in the best start-up ecosystems in the world to 54th. This growth is expected to continue in the future. Thus, in 2022, there are industries closely watched by investors, spectators, and aspiring start-up owners.
Here are the top 3 industries worth watching, according to experts:
1. Finance Industry
The Finance Industry is expected to grow further, especially with Financial Technology. It comprises the largest concentration of companies in the Technology industry. In 2018, the Financial Technology market was valued at $127.66B and predicted to develop to $309.98B in 2022.
Examples of start-ups in this industry would include PayMongo, Coins.PH, and GCash. PayMongo is a payment processing start-up that provides payments API integrated into mobile apps and websites. It is the first Philippine partner of Visa, the world’s leader in digital payments and has even secured $12M in its Series A funding.
2. Medical and Healthcare Industry
Given the pandemic, it is no surprise that the Medical and Healthcare Industry is part of the list to watch out for as it is the most pressing issue we have in the world today. The global healthcare IT market is valued at $74.2B in 2020 with a CAGR of 10.7%, which predicts its continuous growth rate until 2028. With this, the industry might even reach a valuation of $166B by 2028.
KonsultaMD, Zennya, and Medix are examples of start-ups in the healthcare industry. Zennya secured $1.2M in mid-2021 led by three companies to support its nationwide expansion. It provides home wellness and medical services like virtual doctor consultations and medical tests administered by professional nurses. It even offers COVID-19 tests, blood tests, vaccinations, and pharmaceutical deliveries.
3. E-commerce Industry
As online shopping becomes rampant due to accessibility and convenience, it is strengthened because of the pandemic restricting people from going out. Thus, in 2020 alone, retail e-commerce sales worldwide reached $4.38T, and it is even projected to grow to $5.4T in 2022.
E-commerce brands, marketplaces and enablers start-ups in the Philippines would include Prosperna, GreatDeals, and Flowerstore.ph. GreatDeals has raised $30M as it eyes expansion overseas with the construction of an automated warehouse that can handle a million transactions per day. It is a company that provides services for more than 300 brands spanning from local food groups to FMCG and other consumer goods with its client portfolio.
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