The round, led by Southeast Asian venture capital firm TNB Aura, also saw participation from existing investors like the Asian Development Bank (ADB), Faircrest Holding, and Foxmont Capital Partners.

PFAS (per- and polyfluoroalkyl substances) are chemicals commonly used in products like rain jackets, medical gowns, and non-stick cookware for their water- and stain-resistant properties. However, these substances are being phased out due to their environmental persistence and links to serious health risks.

With stricter regulations and bans being introduced in the United States, European Union, and Asia-Pacific, manufacturers need alternatives that maintain high performance without harming the planet.

Nibertex meets this need with its electrospinning (nanospinning) technology, creating high-performance, PFAS-free membranes that are both waterproof and breathable.

“PFAS-free performance materials are no longer a ‘nice to have’—they’re fast becoming a requirement,” said Richard Beck, PhD, Nibertex’s Chief Strategy Officer, who previously worked at W.L. Gore & Associates (GORE-TEX).

Nibertex aims to capitalize on its breakthrough technology to become a key player in the growing demand for sustainable textile solutions.

“We’re combining decades of expertise to deliver membranes that meet real-world demands,” Beck added. “We aim to help manufacturers navigate this critical shift toward sustainability.”

TNB Aura’s Co-Founder and Managing Partner, Vicknesh Pillay, expressed confidence in Nibertex’s potential: “Their early commercial success, cost-effective production in the Philippines, and product quality put them in a strong position to compete globally. This is our first major investment in the Philippines, and we’re excited to support Nibertex’s growth.”

Since its founding in 2019, Nibertex has developed a scalable manufacturing process to produce PFAS-free membranes. These membranes are soft, silent, stretchable, and blend seamlessly into textiles, making them ideal for use in performance wear, healthcare, and industrial applications.

With the Series A funding, Nibertex plans to:

• Expand manufacturing capacity to meet rising demand
• Accelerate research and development to explore new applications beyond apparel
• Scale marketing efforts and secure strategic partnerships with global brands

“This funding marks a key moment for us as we expand to meet global demand for sustainable textile solutions,” said Jae H. Park, Nibertex’s Co-Founder and Chief Operating Officer. “Our nanospinning technology gives us a competitive edge in providing environmentally responsible products that the industry urgently needs.”

Nibertex’s success is part of a broader shift toward more sustainable manufacturing in the textile industry. With governments worldwide tightening PFAS regulations, companies like Nibertex—offering proven alternatives—are becoming vital to manufacturers looking to future-proof their operations.

Their electrospinning technology enables the creation of materials that are not only environmentally safe but also deliver the high performance required in demanding applications.

Nibertex’s innovations represent the future of textile manufacturing, combining cutting-edge materials science with environmental responsibility to provide sustainable solutions for the global industry.

From raising funds, to scaling operations efficiently to navigating market competition––the list of obstacles a startup faces is endless. Fortunately, starting a business in 2024 may not be as daunting as it was a decade ago when the Philippine startup ecosystem was young and startups lacked support.

This was the key takeaway in a panel discussion organized by PayMongo, a Philippine-based digital financial services solutions provider, as part of the BUILD Startup Festival held recently at Six/NEO in Bonifacio Global City, Taguig. The event was moderated by PayMongo CEO Jojo Malolos, with PayMongo Co-Founder and Chairperson Luis Sia, Growsari CEO and Co-Founder Ed Rollan,  Great Deals E-Commerce Corporation Founder and CEO Steve Sy, and Managing Partner of Foxmont Capital Partners Franco Varona serving as panelists.

To grow the Philippine digital economy by helping aspiring Filipino entrepreneurs survive the ever-growing startup ecosystem, here are the top 4 tips shared by the panelists during the event:

1. Know how much time it takes to build your business and stick it out. 

This is the advice that Sia, who co-founded PayMongo at the age of 23, would give to his younger self. A startup’s journey to success is a long and bumpy road; hence, founders need to be patient when dealing with obstacles that are bound to come along. Sia encouraged entrepreneurs to have the persistence to see through these roadblocks and turn them into opportunities for success.

“A lot of great problems are solved over a long time,” he added.

2. Choose what you invest in wisely to generate more returns in the long run.

Rollan, coming from his experience with Growsari, explained the importance of understanding your investments, whether in warehousing, logistics, or staff hiring. He further expounds that startups, especially in their early stages, will always be bound with questions and challenges, but knowing which to focus on and your expertise as an owner will be vital to making your business thrive. 

“Our business mindset is always, if I do this on my own, I should be the best person to do this in the industry otherwise, it’s better that someone else do it,” Rollan stressed.

3. Know when to grow and scale your business.

Growing and scaling your business are two different matters but both are important in business development, Sy, who steers the business direction of Great Deals E-Commerce Corporation, highlighted. Growing a business is when revenue increases as a result of expanding the organization through new hires, investing in new equipment, and so on. Meanwhile, scaling is when businesses manage their existing resources to efficiently sustain growth. Understanding the difference between these two concepts can help founders determine what they need to raise funds for and get to the next level.

“When you focus too much on growth, you tend to overlook important steps to be able to scale, so it’s important to know the right processes for your business to grow and then eventually be able to scale,” Sy underscored. 

4. Before you gain and grow, think rationally about whether you need another investor.

Varona, who engaged a number of entrepreneurs at Foxmont Capital Partners, emphasized that as business owners, you need to have a reality check and ensure that you have a specific intention to raise capital rather than for vanity or increasing your business’ worth.

“Raising money should always be accompanied by very specific reasons, like growing or scaling,” he said.

Aside from these valuable tips, the trailblazers also highlighted the importance of establishing support systems such as mentorships to ensure a productive and encouraging environment for the development of local startups. 

“The evolution of the Philippine startup ecosystem over the years has unlocked tremendous opportunities for local entrepreneurs. Support systems and mentorship programs have been critical components in helping these businesses succeed, especially at the early stages,” Malolos said, “hopefully, through events like BUILD, we can continue to foster collaboration and innovation, driving the continued growth of the startup community,” he added.

BUILD, organized by Esquire Philippines and Sinigang Valley Association with support by PayMongo this year, is an annual one-day event convening startup founders, executives, investors, incubators, and government regulators, showcasing the Philippines’ thriving startup networks. This year’s festival concluded with a strong call for entrepreneurship and innovation, encouraging Filipinos to continue solving old problems with new takes through their startups. 

PayMongo has recently shifted into a digital financial services provider from an online payments processing company to drive the Philippine digital economic growth by transforming business owners into digital Filipino entrepreneurs.

By Alithea De Jesus

There is no better way to celebrate an anniversary than to get overwhelming support from end users and partners.

As PayMongo marks its 4th year, leaders in the startup and various industries attended its anniversary celebration held in the company’s office in BGC.

Attendees include executives from Peddlr, Penny Pairs, Colourette Cosmetics, PDAX, Growsari, Kumu, Brankas, Swarm, Kaya Founders, Foxmont Capital Partners, Endeavor Philippines, GoTyme Bank, Robinsons Bank, UnionBank of the Philippines, UnionDigital Bank, Visa, 7-Eleven Philippines, merchants, stakeholders, employees and friends from various industries.

Filipino payment gateway PayMongo celebrated its fourth anniversary, at its headquarters in Bonifacio Global City, Taguig City, alongside their partners, merchants, stakeholders, employees and friends from various industries.

“We are happy to be celebrating PayMongo’s 4th anniversary with the key drivers of the Philippine fintech sector. We are grateful for the support and confidence not only in PayMongo but also in the collective spirit of the local startup ecosystem,” said Jojo Malolos, PayMongo’s newly appointed CEO, during the anniversary held on March 14, 2023.

“With their help and with the determination of our team, we aspire to further develop the country’s online payments infrastructure and continue to set a strong foundation for Philippine businesses,” Malolos added.

Launched in 2019, PayMongo is a financial technology company that helps Filipino businesses accept online payments from their customers and facilitate multiple modes of money movement online. PayMongo currently offers its services to more than 12,000 businesses in the country.

In February, PayMongo appointed Malolos as its new president and CEO to implement  plans for the company’s next phase of growth. 

A key to Malolos’s transformational initiatives is to open PayMongo to the larger ecosystem through faster and more extensive collaborations with its partners.

“PayMongo’s impressive growth over the last four years is a testament to how much they have helped merchants  grow their business online. We remain excited about supporting their efforts to drive financial inclusion and financial freedom in the Philippines. More power to the PayMongo team!” said Manny Ayala, Co-Founder and Managing Director of Endeavor Philippines.

“With the support of its growing base of partners, merchants, and advisors, I have no doubt that this fourth year anniversary is just the beginning of even greater success for this company,” said Paulo Campos, Founding Managing General Partner of Kaya Founders, one of the company’s Series B investors.

Other attendees in the Anniversary include: Napoleon Nazareno, PLDT and Smart Communications, Inc. former President and CEO; Alex Cabrera, PWC Chairman Emeritus; Raymond Alimurung, Lazada Chairman; Gilbert Sta Maria, Philippine Airlines Former President and COO; Jeff Navarro, Visa Country Manager for Philippines and Guam; Elfren Sarte, Robinsons Bank President and CEO; Arvie De Vera, Union Digital Bank CEO; Antonio Corro, UBP SVP, Consumer Finance Center; Gerardo Austria, UBP Vice President for Merchant Acquiring and Payment Gateway; Nate Clarke, GoTyme Bank President and CEO; Albert Tinio, GoTyme Bank COO and co-CEO; Nichel Gaba, PDAX Founder and CEO; Nel Laygo, Peddlr Founder and CEO; ER Rollan, Growsari Co-founder and CEO; Todd Schweister, Brankas Founder and CEO; Dexter Ligot-Gordon, Swarm Co-founder and CEO; Nina Dizon-Cabrera, Colourette CEO; Franco Varona, Foxmont Managing Partner, and Victor Paterno, 7-Eleven Philippines CEO.

By strengthening its current payment offering and introducing its next generation of products, the company will seek to meet the financial needs of more businesses in the coming year. Moreover, with the company’s newly issued electronic money issuer license, PayMongo is set to drive significant impact in the digital financial services sector for small and medium enterprises.