Filipino startup founders Jason Ho and Ryan Chua have officially launched Nila Capital Partners, a venture capital fund that seeks to invest in the next generation of entrepreneurs in the Philippines.
The firm’s fund, touted as the first and only student venture fund in the country, aims to provide up to $10,000 in funding, in addition to networking and mentorship to startups from all backgrounds.
“After working together at startups and starting a startup of our own together, Ryan and I wanted to bridge the funding gap for Gen Z founders and provide them with the necessary resources to turn their groundbreaking ideas into reality,” Ho said in a social media post.
The two founders said the ultimate goal of the new venture capital firm is to increase the number of successful founders in the Philippines and further drum up the local startup ecosystem.
Ho (managing partner) started his career across business roles in early-stage startups like healthtech firm Dashlabs, and Singapore edtech startup Kinobi. He also started his own startups and was the CEO and co-founder of Sansan Tech, a B2B social commerce platform for construction materials.
On the other hand, Chua (general partner) worked as an investment banker at Singapore boutique investment bank Bayfront Capital Advisors. He has played product and operator roles in regional startups like Kumu, 1Export, and Kinobi, and was also the COO and Co-founder of Sansan Tech.
The launch of Nila Capital comes at a time when startups in the Philippines continue to attract local and foreign investors. In 2022, at least seven regional venture capital firms entered the country, validating the ripeness of the local startup ecosystem.
According to the Philippine Venture Capital Report 2023 by Foxmont Capital Partners and Boston Consulting Group, Do Ventures, Reefknot Investments, Alpha JWC Ventures, East Ventures, TNB Aura, Quest Ventures, and January Capital explored the country’s potential by investing in local startups for the first time last year.
In June, Gentree Fund, the investment vehicle of the Sy Family Office, was said to be raising $120-150 million for a new VC fund that will invest locally and in Southeast Asia. The new fund will focus on early-stage companies up to the Series A stage.
In the second quarter of this year, startup funding in the Philippines hit just $54 million, paling in comparison to Singapore’s $1.24 billion, Vietnam’s $413 million, and Indonesia’s $327 million, according to data compiled by DealStreetAsia DATA VANTAGE.