Two are under the Finance category, Lista and Zed, while Mober falls under Construction & Logistics.
The startup scene is alive and thriving, not just in the Philippines but in the entire Asia-Pacific.
Proof of this is the just released fourth annual Forbes Asia 100 To Watch list, which brings together a mix of companies from across the region, from AI navigation systems for space exploration to groundbreaking cell therapies and advanced healthcare diagnostics. There are also a slew of fintechs which address the needs of the unbanked and retailers using digital channels to tap a new generation of consumers.
Companies from 16 countries and territories are represented on this year’s list, operating in a total of 10 industries, such as enterprise technology and robotics, finance, and manufacturing and energy. India, known as a startup hub, has the biggest representation this year with 20 companies, followed by Singapore (15), mainland China (10), Japan (9), and Indonesia (8).
Meanwhile, three Philippine startups make it to this esteemed list, two under the Finance category and one under Construction & Logistics. Let’s get to know them a bit.
Lista (Finance, founded 2021, CEO- Aaron Villegas)
Lista offers an app that helps individuals and small businesses in the Philippines manage their finances. Its analytics tool tracks spending habits and cash flow, and users are alerted to upcoming bills. Lista has raised over $5 million in funding and claims its app has been downloaded more than 2.5 million times. It gets 75% of its revenue from selling credit scores to consumers while the rest comes from referral fees from financial institutions.
In a nutshell, Lista allows Filipino business owners to track debts, record payments, send invoices and manage finances, so they can better take care of their business.
Mober (Construction & Logistics, founded 2015, CEO- Dennis Ng)
Boasting a fleet of electric vehicles, Mober helps businesses meet their sustainability goals in last-mile delivery. It aims to have a fleet of 238 electric trucks by early 2025, up from its current 60. Customers include Swedish furniture giant IKEA, global logistics firm Kuehne+Nagel, and Philippine food producer Monde Nissin.
Singapore-based Clime Capital invested $6 million in June for the fleet expansion and a 3,000-square-meter charging facility in Pasay.
Zed (Finance, founded 2020, CEO- Danielle Cojuangco Abraham)
This year, Zed became the first neobank in the Philippines to offer a credit card after securing a license from the central bank. Instead of charging interest or annual fees, it will collect a share of network fees that merchants pay with each purchase. In March, the startup raised $6 million in seed funding led by Peter Thiel’s Valar Ventures.
A positive future for Asia-Pacific’s startup ecosystem
“Startups on our fourth annual Forbes Asia 100 To Watch list have collectively drawn over $2 billion in total funding to date, with 83 of these companies raising capital since the start of 2023,” says Rana Wehbe Watson, editorial director of Special Projects at Forbes Asia.
“This influx of investment was driven by their innovations, spanning some of the world’s hottest industries such as spacetech, biotech and robotics. Their ambition and achievements thus far paint a positive picture for the future of Asia-Pacific’s startup ecosystem,” she adds.
In selecting the entries, Forbes Asia solicited online submissions, and invited accelerators, incubators, universities, venture capitalists and others to submit nominations. To qualify for consideration, companies had to be headquartered in the Asia-Pacific region, be privately owned for-profit ventures, and have no more than $50 million in annual revenue and no more than $100 million in total funding through August 7.
Forbes Asia editors evaluated each submission, weighing factors such as impact on and contribution to their industry and region, market fit, promising business model, innovation, track record of consistent revenue growth and the ability to attract funding.
The 100 to Watch list, which can be found at www.forbes.com/100toWatch and in the September issue of Forbes Asia, is sponsored by FedEx.
