3 Philippine firms make it to Forbes ‘100 to Watch’ list
Three startup companies based in the Philippines made it to Forbes Asia magazine’s 100 to Watch 2025 list for adapting to shifting consumer behaviors by integrating artificial intelligence (AI) and deep technology in their operations.
The 100 firms across the Asia-Pacific have raised a total of $3 billion in funding, according to Forbes Asia.
Founded in 2021, emerging e-commerce platform Enstack uses an AI-assisted app to help owners of small and mid-sized businesses design their web stores.
Having previously worked with e-commerce giants Shopee and Zalora Philippines, founder Macy Castillo has helped Enstack’s clients manage invoices, payments, ship packages and track inventory via the app.
According to Forbes, the Enstack app has so far been downloaded more than 100,000 times from the Google Play Store.
The company has likewise raised $3 million in total funding from Xendit, Mangrove Capital Partners, BlackPine and Unifier Ventures, among others, allowing it to expand to Thailand.
Also on the list is digital financial services provider NetBank, founded in 2019 by Gus Poston after acquiring a rural bank.
Its services include loan management, payments and disbursements. NetBank lists Smart Money, Tiktok and Lazada among its major clients, while its backers include Beenext and Kaya Founders.
It swung to a net profit of P22.2 million in the first half from a loss of P34.9 million in the same period last year on the back of loan growth.
Meanwhile, ride-hailing, delivery and courier services app Xpress Super App is seen competing with other players in the market, like Grab, InDrive and even Green GSM.
‘Green’ fleet
Xpress boasts of its “green” fleet, having rolled out 40 BYD electric and hybrid vehicles and promising to expand.
Founded in 2022 by Nathan Taylor of AppFactorie and Jean Henri Lhuillier of PJ Lhuillier Group, Xpress plans to soon offer flight and ferry bookings, as well as reservations for activities.
Xpress drivers can also tap the company’s financing arm to access loans they can use to buy their own EVs.
Forbes Asia’s fifth iteration of the list features “a range of innovative startups” in various technology-related fields, such as biotech, spacetech and green tech.
“They are utilizing advanced technologies like AI to enhance their products, which include gene-editing tools and propulsion systems for spacecraft,” Forbes Asia editorial director Rana Wehbe Watson said in a statement on Tuesday.
To qualify, companies need to be headquartered in the Asia-Pacific region, be privately owned for-profit ventures and have no more than $50 million in annual revenue and no more than $100 million in total funding as of Aug. 15.
India had the most number of companies with 18, followed by Singapore and Japan with 14 each, China with nine, Indonesia and South Korea with eight each and Australia with seven.
