Filipino serial entrepreneur and investor, Jose "Joe" Maristella III announced a new wave of investment fund amounting to one million US dollars (USD 1,000,000) through his venture capital firm, Katalyst.PH.
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USD 1M fund for start-ups announced! |
In the Philippines, the startup ecosystem faces many difficulties despite the emergence of local startup accelerators, innovation hubs, venture capitalists (VCs), and angel investors. The capital inflow is too small compared to other markets.The government roadmap, envisioning 500 startups with total funding of USD 200
million and valuation of USD 2 billion by 2020 is quite a stretch, but not impossible because
of the boundless possibilities tech start-ups have.
Joe’s
outlook in the Philippine's start-up economy is very positive, adding to his high
regard for the talents and skills of Filipino entrepreneurs. From this, a series of
investment rounds coming from his pocket is forthcoming. With Satoshi
Citadel Industries (SCI) receiving an undisclosed amount of seed funding recently from KVG, one of the leading South Korean companies and venture capital arm of Kakao, Maristela is currently driven to imitate this through the new wave of investment fund he is putting in.
“In order for a
start-up to really grow exponentially, they need to have strong strategic
partners and investors. It is only after almost a year that I found the right partner
for SCI. John Park, the CEO of KVG and I simply agreed that there is a very
promising future for finance in the ASEAN region and we believe that SCI will
play a critical role in unearthing these potentials,” said Maristela.
SCI is one of
the first start-ups he invested in, which began as a remittance business
through its platform, Rebit.ph. It now continuously strengthens its list of
products and services and well on its way with a clear roadmap, a clear market
and a new strategic partner.
“They said a
start-up couldn’t take the ‘enterprise’ approach—in that I mean; many critics
of SCI said that they couldn’t pull off so many products at the same time at
such an early stage, but that is what’s being innovative is all about. The team
of course is also a key component, with SCI, you will really see that they’re
not afraid to try things; fail, learn, and adapt quickly. It’s what’s makes
them a “cockroach start-up”—or a
start-up that is very resilient,” Maristela added.
Other investments PH based start-ups
500 Startups, a corporate venture partner, saw a big potential for growth in one of Maristela’s venture:
Qwikwire, where he was second to invest. Kntnt, Inc. (Kntn), another startup
where Maristela put in some fund, is likewise making it big in the digital media and
marketing space. Kntnt is earning reputation for being able to close blue
chip accounts in its first few months of operation, making the company the
official branding and marketing partner of industry giants like Samsung
Philippines, Singapore Airlines, and Rustan’s.
“I believe the
additional one million USD will go a long way out here given the talent and
strong spirit of Filipino entrepreneurs. It will allow us as well to to get
into several niches that we have not considered investing in yet in the past.
These companies don’t need to be in the tech businesses. I believe that there
are businesses that are non-tech that can still have great impact and by that I
mean start-up businesses that are ready and available to engage 90% of the
market within a year or two in operation,” Maristela said.Aside from angel
investing, his thrust is also geared towards helping the government develop a
startup ecosystem for an inclusive economy -- making sure that there is a
chance for every aspiring Filipino entrepreneur to make it big.
Manila Angel Investors Network
Maristela is
also supported by a new network where he is a co-founder, the Manila Angel
Investors Network (MAIN). Maristela finds great confidence having MAIN behind
him.
“I used to do all of this heavy lifting on my own before; reporting back
to my partners the progress of my venture builder office with minimal progress
every week was a tough challenge, but now that I have MAIN with me, it’s been
easier to access resources with due diligence. MAIN also assists me in properly
assessing deals,” Maristela said.
MAIN’s
reciprocal members include Business Angel Network South East Asia Ltd. (BANSEA),
Sydney Angels and New York (NY) Angels, among others.
“I’m always on
the lookout for opportunities. If people have ideas that they think can make it
big out there, they can always apply for funding through www.katalyst.ph. I always check out the
submissions and get in touch directly with the founders if I see a great
potential in their ideas. I use my personal money in all my investments and
course it through Katalyst, my private investment firm. I do not take outside
funds, I carry all the risk that’s why I need to carefully assess every
start-up I come across with looking for funding,” concluded Maristela.
Great news right?
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