Toki, a collectibles marketplace based in the Philippines, has ceased operations, CEO and co-founder Frederic Levy confirmed with Tech in Asia.

“After careful consideration, we ultimately decided it was best to let others take the lead in pursuing these next steps,” he said in a statement.

While Levy’s statement did not specify the reason or give details about the move, he did say the company ran into challenges that required “deeper engagement with compliance and regulatory matters.”

Toki co-founders (from left) Jules Jurado, Frederic Levy, Zoe Ocampo, and Prabh Singh. / Photo credit: Toki

Tech in Asia has sent Levy follow-up questions about when Toki shut down, how many staff were laid off, and what its user numbers were at the time of closure. According to its LinkedIn page, the company has 47 employees.

As of press time, the Tokiasia.com website is no longer accessible and its logo has been greyed out on the portfolio page of Foxmont Capital Partners, one of the startup’s investors.

Founded in 2023 by former GCash executives Levy, Jules Jurado, Zoe Ocampo, and Prabh Singh, Toki billed itself as the Philippines’ first social commerce platform dedicated to collectibles. Levy was chief commercial officer at GCash from July 2019 to March 2022.

Levy recently announced on LinkedIn that he now serves as chief operating officer of Lhoopa. He joined the Philippines-based proptech startup in February 2025.

Toki had announced only one fundraise: a US$1.8 million pre-seed round led by Kaya Founders and Foxmont Capital Partners in January 2024.

Among Toki’s strategic investors were Ernest Cu, former CEO of GCash parent Globe Telecom; Brian Cu, founder of social commerce startup SariSuki; and Anthony Oundjian, managing director of Boston Consulting Group in the Philippines.

Toki had four main product categories: sneakers, NBA cards, Lego toys, and Funko Pops. During the company’s launch in November 2023, the founders said they were targeting the collectibles market in the Philippines. The market is estimated to be worth US$5 billion, according to a study by Toki and GMO Research.

See also: From Pokemon to Labubu, collectibles draw VCs to bet on SEA firms

Toki was also a livestream auction platform. It partnered with big-name toy collectible stores in Metro Manila, which made their items available on the site.

Toki’s shutdown comes amid a collectibles craze in Southeast Asia sparked by Labubu, a plush toy from Chinese toymaker Pop Mart. Labubu’s popularity helped turn PopMart into one of the hottest stocks in Hong Kong this year.

VCs in the region have taken notice of this trend. Collektr, a startup backed by AC Ventures and one of Toki’s closest competitors, raised US$1.3 million in November 2024. Other players in the space include Mighty Jaxx, Carousell, and XM Studios.