Manila’s startup ecosystem was valued at $6.4 billion from July 2021 to end 2023, according to the 2024 Global Startup Ecosystem Report (GSER) by Startup Genome and the Global Entrepreneurship Network.
Manila’s ecosystem value registered a 72 compound annual growth rate between July 2019 and December 2021, and continued between July 2021 to December 2023, according to the GSER which was launched at London Tech Week.
This surge is attributed to the economic impact of exits and startup valuations.
GSER 2024 highlighted the dynamic expansion of Manila’s fintech, e-commerce, and gaming industries driven by a rich pool of talent, an active startup scene, and strong partnerships between government agencies and private entities.
JF Gauthier, Startup Genome founder and chief executive officer, said Manila’s startup ecosystem value grew 72 percent, building special strengths in the fintech, e-commerce, and gaming subsectors,” said.
The GSER analyzes data from over 4.5 million companies across over 300 entrepreneurial innovation ecosystems.
The Report is driven by a consortium of representatives from over 40 countries.
