Richard Day, president of Upgrade Innolab Inc.
DAVAO CITY (PIA)—Davao-based startups will have the opportunity to connect with angel investors and venture capitalists at the upcoming Davao Investors’ Mixer event.
“The primary goal of this event is to facilitate meaningful discussions between entrepreneurs and local investors regarding fundraising,” said startup advocate Richard Day during his appearance at the Habi at Kape Media forum on September 18.
Day emphasized that while several Davao startups are thriving, many still require investors to help them scale.
“The Davao Investor Mixer is focused on building a local community of investors in Davao City, and investors from around Mindanao are also welcome to join,” Day said.
Day, president of the startup incubation hub Upgrade Innolab, explained that the event was inspired by a recommendation from the Department of Information and Communications Technology (DICT) startup ecosystem mapping. The DICT report suggested that Davao City should establish its own angel investing group.
“Mature startup ecosystems in the Philippines, like those in Manila and Cebu, have a robust network of angel investors and venture capitalists. Here in Davao, that kind of network is still developing,” Day said.
He added that the mixer aims to create a group of venture capitalists and angel investors to address the funding gap for early-stage startups.
“We’ve observed that early-stage startups often rely on grants for funding. However, the limitations of government grants, particularly those focused on research and development, mean that startups may not receive sufficient support after developing their product,” Day explained.
He highlighted the need for funding during this stage, as developing a company and launching a product requires significant resources for go-to-market strategies, hiring, and other essential activities.
Day emphasized his desire to foster a local investor network to provide hyperlocal support to Davao startups.
The group has already identified 15 organizations and individuals as potential angel investors.
“Currently, we have 15 organizations and individuals who have expressed their full support and will be joining the angel investor network. We anticipate that this number will grow during the Davao Investor Mixer event,” Day said.
The Davao Investor Mixer will be held on September 29 at the SEDA Hotel. It is organized by the Innovation and Development Accelerators Consortium for Startups (IDEAS) Davao in partnership with Upgrade Innolab, Villgro Philippines, and the local government of Davao City. This event is part of the Davao Startup Week 2024. (RGA – PIA XI)
