STORM Technologies, a startup that provides innovative solutions to company benefits and incentives, won the Philippine regional competition of the Startup World Cup 2018. It will compete with over 20 companies from around the world at the grand finals for a chance to win the $1-million grand prize.
Incorporated in 2013, STORM works with large companies’ human resources teams to streamline the benefits and incentives given to employees. It currently offers three products: STORM Flex, which allows employers to make their company benefits flexible; STORM Kudos, a gamified rewards management system; and STORM Squares, a platform that allows for better communication between employers and employees. Both STORM Flex and STORM Kudos allow employees to convert their benefits or rewards into points that they can use to purchase items in STORM’s marketplace.
To date, over 100,000 working professionals use STORM’s services, many of which come from large companies such as JG Summit Holdings, Sun Life Financial Philippines and Nestlé Philippines. Its rapid growth netted revenues of Php90.4 million in 2015, almost double the year before. As well, listed technology firm Xurpas bought a 51-percent controlling stake in STORM in February 2015, which it increased to 56 percent last year.
After a pitching competition held in the Department of Trade and Industry’s Slingshot ASEAN event held last October 20, STORM bested nine other local startups to become the country’s representative in the Startup World Cup 2018 grand finals, which will happen on May 2018 in Silicon Valley in the US. The startup will be joined by the four runners-up of the competition, who along with STORM won an all-expense-paid trip to the grand finals.
The Startup World Cup is run by Fenox Venture Capital, a Silicon Valley-based venture capital firm that has invested in over 90 startups globally. The Philippine regional competition was co-hosted by Slingshot ASEAN and Ignite PH, a partnership between Philippine media company TechShake and Japanese media agency dentsu X.
Lorenzo Kyle Subido is a staff writer of Entrepreneur PH