PH founders pessimistic on 2024 funding opportunities: report

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In 2024, Philippines-based startup founders are expected to grapple with a tough funding scene, a report by Uniquecorn Strategies and The Fourth Wall pointed out.

Founders participating in the survey scored their optimism for funding opportunities this year at an average of 2.65 out of 5. The report said this is “largely attributed” to the declining investments in local startups last year, citing data from Gobi-Core Philippine Fund.

The report also highlighted concerns about government support, with founders rating current policies at 2.45 out of 5. On top of that, around 55% of the survey participants were unable to identify any beneficial policies.

In addition, most founders agree that there’s a lack of digital infrastructure investment, with 70% suggesting an increase.

Consequently, 75% of founders are prioritizing profitability over growth, with 70% considering it their top priority in the next 12 months.

“While the immediate challenges in funding and valuation are evident, the founders’ focus on profitability and expansion indicates a proactive approach to navigating the complexities of the current economic climate,” said Dean Bernales, founder and CEO of Uniquecorn Strategies.

Despite these challenges, the report noted that 55% of founders expect profitability in one to two years, while 20% have already achieved it. Moreover, 60% are eyeing international expansion, particularly in Southeast Asia.

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