By Madelaine B. Miraflor
Singapore-based Golden Gate Ventures is targeting to fund more Filipino startups, currently eyeing “half a dozen” companies that may have the potential to grow in the Southeast Asia region.
Justin Hall, principal at Golden Gate Ventures, said that while the investment environment in the Philippines is “terrible”, there are several startups that have actually stood out and may deserve a capital infusion from his company.
“There’s a lot of potential in the Philippines. The Philippines is a little bit tricky. In the beginning, we didn’t see too many investible companies there. But two weeks ago, I’ve seen more investible companies coming out in the Philippines in the last six months than we have observed in the last six years,” Hall told Philippine-based media on the sidelines of Maybank Invest ASEAN Conference that was recently held in Singapore.
“I could not tell you why but [it could be] a difference in thinking. Maybe there’s a growing appetite for risk among entrepreneurs now. I’m much more excited about investing in the Philippines now than I used to be,” he added.
Hall said Golden Gate Ventures is now in talks with “half a dozen” Filipino startups that are all in the information and communication technology (ICT) industry.
He said these companies are relatively young, starting operations six to nine months ago.