Toki, a social commerce platform for collectibles in the Philippines, has raised a total of $1.8 million in its pre-Seed funding round that will be used to expand its inventory and introduce more categories.
The funding round was co-led by Filipino venture capital investors Kaya Founders and Foxmont Capital Partners. Local angel investors also participated in the funding round, including Anthony Oundjian of BCG Philippines, Brian Cu of SariSuki, and Ernest Cu, CEO of Globe.
With the fresh funds in its coffers, Toki said it plans to further expand its inventory and introduce more categories in the platform, which is a marketplace for collectors looking to acquire things like sneakers, sports cards, Lego, and art toys from Filipino artists and designers.
Toki was launched in November 2023 by former executives of GCash led by Zoe Ocampo, Jules Jurado, Prabh Singh, and Frederic Levy. It debuted with the first four categories of Sneakers, LEGO, NBA Cards, and Funko Pops, representing the most popular collectibles among Filipino collectors.
Now, the startup seeks to take a cut of the collectibles market in the Philippines, which is worth about $5 billion, and the rest of Southeast Asia, which is valued at about $60 billion.
In Southeast Asia, Hong Kong, and Taiwan, nearly half of the population identifies as collectors. Among these, a significant 91% have engaged in recommerce, averaging an annual spend of $200, demonstrating the robust nature and potential of this market.
“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,” said Ocampo, Toki co-founder and chief product officer.
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.
“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 Levy, the startup’s co-founder and CEO.