Nine Filipino ventures made it to Forbes Magazine’s Forbes Asia 100 to Watch list that collates small companies and firms on the rise in the Asia-Pacific region.
The third installment of the annual list included local firms – Edamama, Kindred, Kraver’s Canteen, Packworks, Peddlr, SariSuki, Shoppable Business, Sprout Solutions and TANGGapp – whose operations span the financial technology, food and technology, e-commerce, and enterprise solutions businesses.
Forbes said the “drought” in global venture capital activity has not stymied start-ups to break new ground in 13 countries and territories across Asia.
“This year’s Forbes Asia 100 to Watch list spotlights small companies and startups that are targeting underserved markets or applying new technologies, from generative AI to blood-based cancer diagnostics. These include eco-friendly innovations, such as the development of insect-based alternative proteins and digitization of milk production to improve yields,” Forbes said.
“Others include social commerce providers, which help users sell consumer products,” it added.
Singapore leads the list for the second year in a row, with 20 companies in the list based in the city-state, followed by Hong Kong with 15 and mainland China with 11. The emerging innovation hubs of Indonesia and the Philippines contributed 11 and 9 companies respectively.
“Companies on this year’s Forbes Asia’s 100 to Watch list are a study in resilience. With rising interest rates, funding is harder to come by for startups. The companies on this year’s list therefore represent those with strong prospects to become success stories,” said Justin Doebele, editor of Forbes Asia.
Forbes said the final 100 were selected from over 550 submissions.
To qualify for consideration, companies had to be headquartered in the Asia-Pacific region, privately owned, for profit, have no more than $50 million in its latest annual revenue and have no more than $100 million in total funding through August 7.
Forbes Asia editors evaluated each submission, looking at metrics such as a positive impact on the region or industry, a track record of strong revenue growth or ability to attract funding, promising business models or markets, and a persuasive story.
