

Top 3 Landmark Deals in 2021
January 27, 2022
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2 min read
While the Philippines was still experiencing a series of lockdowns brought about by COVID-19 outbreaks throughout 2021, startups in the country remained resilient. Simultaneously, Philippine startups continued to impress international investors such as Sequoia Capital, Andreessen Horowitz (a16z), Warburg Pincus, and General Atlantic. Here are the 3 Landmark Deals of 2021:

Landmark Deal 1: Kumu
In October 2021, Kumu, the leading social entertainment app and live streaming platform in the Philippines, raised an undisclosed amount in their Series C funding round which was led by General Atlantic. Foxmont Capital Partners, Kickstart Ventures, Gentree Fund, CORE Capital, Openspace Ventures, and Globe Telecom are other notable investors that participated in the round. The funds raised will be allocated to content creation investments in the Philippines and around the world. The transaction is General Atlantic’s first investment in the Philippines and the first of its kind in the country – the largest equity financing deal for a Filipino startup that is not founded as a subsidiary of a conglomerate.

Landmark Deal 2: Yield Guild Games (YGG)
Yield Guild Games (YGG), a Philippine-based gaming startup focused on blockchain, raised $4.6 million in a venture funding round led by Andreessen Horowitz (a16z). The raised funds will be invested in YGG’s digital assets in games and virtual worlds across play-to-earn ecosystems to accommodate the startup’s growing global community of 48,000 gamers. In addition to the transaction, YGG raised $12.5 million in a token sale. According to Arianna Simpson, a general partner at a16z, the convergence between crypto and gaming is both an emerging and exciting area in technology today and YGG is leading the establishment of the play-to-earn model in the industry.
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