Toki, a social commerce platform based in the Philippines, has secured $1.8 million pre-seed funding to address demands of untapped market.
Toki said in a statement on Monday that the pre-seed funding comes from venture capital partners Kaya Founders and Foxmont Capital Partners.
Toki has also received support from strategic investors in the tech industry such as Anthony Oundjian (BGC Philippines), Brian Cu (SariSuki), and Ernest Cu (Globe), to name a few.
Additionally, Toki has received an investment from Bigboy Cheng, one of the most renowned sneaker, toy, and art collectors in Southeast Asia.
In the next few months, Toki said it is scaling up to further expand its inventory and introduce more categories in the platform.
As the only platform in the Philippines that offers livestream auctions, Toki said it is eyeing to build on this pioneering feature and unveil more innovative capabilities to continually enhance collectors’ experience.
“Now that we are seeing traction, our primary goal is to establish ourselves as a reliable partner to Filipino collectors,
“We still need to keep on perfecting our solution to address the gaps that we have already identified in the market,” said Frederic Levy, Co-Founder and Chief Executive Officer of Toki.
“As we streamline, expand, and introduce more categories on our platform, we will also be assessing other markets to identify where collectors could benefit from our services,
“Most importantly, we are focused on understanding how to serve them in the most effective way,” he added.
Meanwhile, Toki Co-Founder and Chief Product Officer Zoe Ocampo said that as the firm keeps on building its success in the Philippines, they are seeing the huge potential of the collectible market in the region.
“What’s interesting is that, despite the specificities in each market, there’s a universal desire for transactions to be smooth, secure, and engaging,
“In countries like Thailand, Indonesia, and Vietnam, there’s a real appetite for platforms that not only offer reliable, secure trading but also bring the excitement of live stream auctions. We’re thrilled about stepping into this space and making a difference,” he said.
Toki is a leading social commerce platform dedicated to collectibles in Southeast Asia.
The firm has been gaining popularity among a niche and fast-evolving market of collectors in the Philippines.
Since its launch in November 2023, Toki has already featured over 70,000 products across its first four categories, onboarded 100 curated sellers who rank among the top 30 sellers/resellers in their respective categories, and already conducted close to 50 livestream auctions.
“The sizable and growing collectibles market in Southeast Asia represents an immense opportunity, bolstered by developments in adjacent industries like e-commerce and financial technology,
“We believe that what Fred and his team are building at Toki can deliver something truly innovative to the social commerce category while servicing all forms of collectors across the region,” said Paulo Campos, Founding Managing General Partner at Kaya Partners.
Cited a joint study by Toki and GMO Research, Toki said the collectible market in Southeast Asia is currently valued at $34 billion and is projected to grow at a rate of 7.2 percent through 2026, reaching an expected market size of $54 billion by 2030.
In Southeast Asia, Hong Kong, and Taiwan, nearly half of the population (46 percent) identifies as collectors.
Among these, a significant 91 percent have engaged in re-commerce, averaging an annual spend of $200, demonstrating the robust nature and potential of this market.
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