Philippine startups raised more money in the first half of 2026 than in the previous six months, but from fewer deals than at any point in years. The H1 2026 Southeast Asia Startup Funding Report, presented by Kickstart Ventures with DealStreetAsia data under the theme “Proof, Precision and Patience,” shows a market where a few larger checks lifted the total while the number of companies funded shrank.
The numbers
According to Insider PH, Philippine startup funding more than doubled to US$81 million from $33 million in the second half of 2025. The Daily Tribune’s account of the same report says funding rose from $33 million but does not state the exact H1 total, so the $81 million figure rests on one outlet and should be confirmed against the report. Deals fell to seven from nine, which Insider PH describes as the lowest count since 2019.
The Philippines accounted for 1.1% of Southeast Asia’s funding value and 3.2% of its deal volume. The region as a whole raised $7.25 billion across 217 equity deals, the strongest half-year since H1 2022. That headline is flattering: Daily Tribune reports that analysts cautioned the rise did not necessarily indicate a broad market recovery. DealStreetAsia’s head of research, Andi Haswidi, said deal volume is a more reliable stability signal than total value, and that activity has stayed in a narrow range for three half-year periods, which suggests a baseline rather than a recovery. Separate coverage attributes a large part of the regional total to a single outsized deal, DayOne’s $4.5 billion Series C, which we did not verify in the report itself.
Fintech carried the half
Fintech drew about $61 million, roughly three-quarters of disclosed Philippine funding. That is consistent with the long-standing dominance of payments, lending and digital banking in the local ecosystem. Healthcare also made news: a private equity investment in the sector was the country’s first late-stage deal since the second half of 2024, ending about a year without late-stage funding, per the Tribune.
Neither article names individual deals, and Insider PH says it does not identify specific corporate investors in particular transactions. That limits how much can be concluded about which companies drove the total. With only seven deals, one or two checks can swing the half-year figure sharply, so the doubling should not be read as a trend by itself.
A shift in who writes the checks
The report points to sovereign wealth funds, corporations and private equity playing larger roles alongside traditional venture capital. It encourages investors to back startups earlier, at seed and Series A, and urges Philippine corporations and conglomerates to offer pilot programs and early commercial agreements. Kickstart partner Jecky Pelaez said, “We’re seeing this as a commercial opportunity as much as a capital one,” and noted that strategic partnerships can be as valuable as funding, particularly for customers and distribution. On founders, he said scaling takes time, moving from promise to proof, proof to product and product to scale.
Kickstart itself manages about $242 million in assets, has invested in 71 startups across nine countries and backed more than 140 founders, focusing on seed-to-Series A companies in telecom, B2B and AI-enabled technology, according to Insider PH. It works with partners including Globe and Ayala and advises the ACTIVE Fund, which is backed by Ayala Corporation Technology Innovation. As an active investor, Kickstart has its own perspective, so its recommendations should be read with that in mind.
Reading the gap
The Philippines punches below its weight in funding share. At 1.1% of regional value against 3.2% of regional deals, the average Philippine deal is far smaller than the regional average. That could reflect earlier-stage companies, lower valuations, or a thin pipeline of companies ready for large rounds. The reports do not settle which explanation is correct.
The corporate pilot recommendation is arguably the most actionable idea. Large Philippine groups hold customers, data and distribution that no startup can easily replicate, and a signed pilot can unlock later funding.
What This Means for Philippine Founders
Do not read the doubled total as a sign that capital is easy. With seven deals in six months, the odds for any individual company remain narrow, and the money is concentrated in fintech. If you are outside fintech, you will likely need to prove demand through revenue and customers before institutional investors engage, and to widen your investor list to include corporates and regional funds.
The practical move is to pursue a corporate pilot or early commercial agreement alongside your fundraising, as the report suggests. Approach it as a sales process: identify one business unit with a measurable problem, propose a limited-scope pilot with clear success metrics, and ask for a path to a paid contract. Whether conglomerates will actually expand such programs in the coming months is unconfirmed, so treat it as an opportunity to test, not a guarantee.
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