Forbes Asia fetes start-up enabler
The final 100 were selected from over 550 submissions and nominations from accelerators, incubators, SME advocacy organizations, universities, and venture capitalists across the region
Daily TribuneThe final 100 were selected from over 550 submissions and nominations from accelerators, incubators, SME advocacy organizations, universities, and venture capitalists across the region
Packworks, a local startup that provides a business-to-business open platform to sari-sari stores was included in Forbes Asia's 100 to Watch List 2023.
The list recognizes companies and startups that are "targeting underserved markets or applying new technologies."
Packworks is one of only nine companies from the Philippines that have made it to the list and one of the nine listed companies from the e-commerce and retail industry.
According to Forbes Asia, the final 100 were selected from over 550 submissions and nominations from accelerators, incubators, SME advocacy organizations, universities, and venture capitalists across the region.
"We are honored to be recognized by Forbes Asia and included in their '100 to Watch List' for 2023. At Packworks, our mission has always been to empower sari-sari stores through our open platform, and this recognition underscores our commitment to driving innovation in the e-commerce and retail industry," Packworks co-founder and CEO Bing Tan said.
"To every sari-sari store owner, partner, and dedicated team member who has believed in and journeyed with us — this recognition is as much yours as it is ours," he added.
To qualify for the list, companies must have an annual revenue not exceeding $50 million, and have received no more than $100 million in total funding as of 7 August 2023.
Tough criteria
Metrics such as a positive impact on the region or industry, a track record of strong revenue growth or ability to attract funding, promising business models or markets, and a persuasive story were among the considerations.
Packworks will represent the Philippines at the Startup World Cup 2023 in Silicon Valley, USA, in December. It won Ignite 2022's Startup World Cup x Wildfire Pitch competition in October last year.
Packworks was established in 2018 out of a passion project by Tan alongside co-founders Ibba Bernardo and Hubert Yap.
The trio started as motorbike buddies before forming a company delivering solar panels to provinces and far-flung places across the country.
During their excursions, they saw firsthand the challenges brought by limited access for sari-sari store owners and embarked on developing an application for small store businesses to have a one-app stop for all their needs.
Launched as a solution for multinational companies with only a handful of sari-sari store partners, Packworks has rapidly expanded as a platform to ease the supply chain ecosystem, from small sari-sari store owners to wholesalers, distributors, and renowned companies and brands.
With about 75 percent of sari-sari stores owned by women, Packworks also works to empower female entrepreneurs.
The company raised $2 million in seed funds in August last year and is backed by ADB Ventures, Arise, CVC Capital Partners — Fast Group, IdeaSpace Foundation and Techstars.
