MANILA – AHG Lab, an independent venture builder based in the Philippines, raised $4 million from Pre-Series A funding round aimed at fueling its growth, its portfolio of ventures and programs and the wider startup ecosystem.
AHG Lab chief executive Rene Cuartero revealed the ambitious plan on the closing of the investment round.
“The funds raised will bolster our venture-building efforts by strengthening our operational, strategic and funding support for our 10+ startups – with more in the pipeline being incubated as we expand to more verticals and geographies. Additionally, the capital will expand our support in founder-focused programs like Founders Launchpad, our ongoing hands-on incubator and accelerator program. Finally, these funds will pave the way for our service organizations, providing crucial operational, finance, compliance, product, tech, and marketing support for Philippine startups, forming an essential part of the startup ecosystem’s backbone,” said Cuartero.
Cuartero said these are rooted on AHG Lab’s unique approach as a venture builder which resonated with startups, founders and investors. AHG Lab remains committed to their comprehensive and hands-on founder support, spanning industry-specific strategic advisory up to providing dedicated operational teams to run back-office and tech requirements of portfolio companies, he said.
AHG Lab has worked and believes in fostering an agile environment and a supportive community of founders and leaders, encouraging collaboration in addressing business challenges, seeking partnerships and acquiring customers, he said.
AHG Lab’s portfolio features diverse ventures with traction in various industries, led by driven founders and leaders. Among these companies are startups that have closed their Angel and Seed rounds showcasing value creation for the venture builder and its investors.
These include Shoppable Business, a B2B wholesale supplier and distributor marketplace showing double-digit growth in revenue; GoGym, a tech-enabled affordable gym business now with four locations; DOON, a peer-to-peer car-sharing marketplace; and Founders Launchpad, an incubator aimed at supporting startups and its founders now running its first cohort with 6 promising startups.
“We’ve tapped an investor base that believes in the potential of the Philippines. They recognize the Philippines’ strong uptrending macros, our mobile-intensive demographic, and with local solutions’ potential for quick expansion due to our English-speaking population,” said Cuartero.
The startup ecosystem in the country is on the upswing post-pandemic. Foxmont Capital Partners and Boston Consulting Group recently reported that in 2021 and 2022, local startups raised a record $1 billion of funding in each of those years.
AHG Lab’s funding round was backed by investors that align with the company’s goal of empowering Filipino entrepreneurs. This round includes a US family office and two Filipino family offices: the Rufino family and David Leechiu.
VC and investment funds from the US also participated in the round including Seaborne Capital and Imagine If Partners. A network of Filipino, American and European angels also participated.
“Beyond investments, we are composed of a team of former founders and operators that understand the power of community and the pain points that startups face and solve day-to-day. This is what gives us a more unique and deeper empathy for founders, which motivates us toward our mission of building and supporting the ecosystem,” said Cuartero.
Prior to joining AHG Lab, Cuartero worked in the field of ecosystem-building around the globe to help realize many organizations’ potential through policy innovation and multi-sectoral support programs in the financial inclusion, economic education and entrepreneurial empowerment spaces. He was part of the founding team of two European startups that scaled to 150+ countries. Aside from being AHG Lab’s CEO, he also teaches at De La Salle University in Manila.
He previously held the position of COO at AHG Lab until former CEO and co-founder Bjorn Pardo moved to an advisory role in the company.
