Since first establishing Lycan in 2021 as a corporation, its market value has risen from US$53,000 (PHP3M) to US$7.5M (PHP425M) – an exceptional 14,300% increase in just four years through a series of strategic fundraising rounds and corporate developments despite the company being relatively pre-profit. This has proven strong investor & market confidence both in the company and in the future of sustainable industries in the Philippines.
This growth is mainly attributed to the constant developments of innovations as well as the diversification efforts of the company under its conglomerate-like structure where it is continuously expanding its assets into a diversified portfolio – a strategy that keeps each business independent and synergistic towards Lycan’s overarching goal while spreading risks and multiplying opportunities across its divisions.
And here’s a rundown of Lycan’s incremental growth journey over the years.
Disclaimer: Investment details, investors, and share prices are not disclosed in this article.
2020-2021: Closing at US$350K (PHP20M) Valuation
Lycan started its company with a goal and mission of bringing Filipino innovations, technologies, and motorcycles into the world. With a small team of co-founders and workers, Lycan developed its first set of motorcycle models – the G6 and Challenger 1 – together with AI and IoT technologies – LUNA AI, Smart Helmet, and Mobile App Integration – to demonstrate the convergence of hardware and software.
Recognizing that electric vehicles (EVs) were the future, Lycan initially entered the market with internal combustion engine (ICE) models to establish a foothold in the local industry while preparing for full electrification.
Lycan’s potential quickly gained traction among early-stage investors, driven by strong media exposure, press coverage, and word-of-mouth recognition. This initial wave of investment allowed the company to expand its product development efforts, acquire critical assets, refine its processes, and—most importantly—learn from early challenges.
As a result, Lycan’s market valuation grew from US$53,000 (PHP3M) to US$350,000 (PHP20M) within its pre-seed stage, marking the first step in its journey toward becoming a leader in the EV industry.
2022: Peaking at US$4.6M (PHP267M)
This year started strong in terms of investor engagements, where following the closing of the previous year’s round, several other investors (angel, retail, and VCs) have continued to take interests in purchasing equities in Lycan, peaking the company’s market value to US$4.6M.
The capital raised during 2022’s fundraising rounds was strategically allocated to develop and test groundbreaking concepts that would enhance Lycan’s market value. This included the initial development of Builder X, a cloud-based vehicle customization platform designed to bring mass customization to consumers through an interactive digital interface. Investments were also made in new development and manufacturing assets, further refining Lycan’s early motorcycle prototypes and advancing AI and IoT integration. Additionally, the company launched its first in-depth research into electrification, testing both lithium-ion and hydrogen fuel cell technologies as potential power sources for future models.
While Lycan was far from commercialization, it has pushed its developments to test new ideas and innovations that would make its value propositions incomparable with existing products and competitors.
2023: A Decline and Stagnating Year
2023 was a difficult yet defining year for Lycan, marked by a decline in investor activity and purchasing power due to broader market conditions and political environment. This downturn resulted in a drop in market valuation to US$3.5M, slowing down progress in EV development and forcing the company to reevaluate its operational strategy.
In its most critical moment, Lycan faced a near-bankruptcy event, necessitating tough but necessary decisions, including downsizing its workforce to sustain operations. Rather than stepping back, the company’s founders persevered with a leaner, more agile approach, ensuring that development continued despite limited resources. Fortunately, Lycan’s acceptance into several startup accelerator programs provided renewed opportunities, unlocking new partnerships, investments, and commercialization pathways.
By year-end, Lycan emerged stronger, successfully completing its first full-fledged electric vehicle prototype—the Atlas I. This milestone reignited market interest, drawing attention from both local and international stakeholders, and proving that Lycan’s vision for sustainable mobility was not just alive, but accelerating forward.
2024: A Bullish Growth
Fueled by accelerator programs, incubators, and increased brand visibility, 2024 marked a turning point for Lycan, as the company gained new strategic partners and fresh investment capital. Building on the technical weaknesses of its Atlas I prototype, Lycan evolved its product lineup, introducing the Atlas II STD, Atlas II Pro EV, and G6 EV models, reinforcing its position as a pioneer in next-generation electric mobility.
With strengthened financial backing, sponsorships, and growing revenue streams, Lycan was able to:
bring its prototypes to new markets on a nationwide level through its The Great Philippine Road Tour 2024 campaign where Lycan and its team toured the entire Philippines within two leg tours,
set up its first microproduction facility,
opened potential expansion opportunities in Singapore, Indonesia, Thailand, Vietnam, and Malaysia through key foreign partners,
developed and opened several value-adding and mutually beneficial programs for partners, customers, and investors,
prepare and plan for its first dealership within Quezon City,
and have taken further initiatives to enter the market within the coming years.
A key strategic focus for 2024 was ensuring long-term sustainability and resilience, allowing Lycan to remain operational—even in the face of economic downturns through automation and lean operations. Through pre-selling campaigns, sustained growth initiatives, and international partnerships, the company closed the year with its highest-ever valuation of US$7.5M, signaling strong investor confidence and momentum for future growth and expansion.
Investor Value Since 2021
Investors who placed their trust in Lycan during its early stages in 2021 have seen exceptional growth in their investments. A US$1,750 (PHP100K) investment at the time has surged in value to US$70,000 (PHP4M) based on today's stock valuation.
Outlook for 2025 and Beyond, IPO
With Lycan’s current programs, projects, and plans spanning beyond product development, including opening its first dealership in Quezon City, to deploying a pilot test run of its EV infrastructure, to integrating AI and IoT in its fleets, and ramping up production and revenues, the company is gearing towards profitable growth this 2025.
Lycan’s plans for this year is to establish its minimum viable business units (retail & dealership, regional microproduction plant, battery charging & swapping infrastructure) to serve as a blueprint for future expansion outside Metro Manila, including tapping into Southeast Asian markets for exports by 2028 onwards. Lycan is also working to open new corporate opportunities in Japan, Beijing, or Singapore as potential gateways for global entry, reinforcing its mission of bringing Filipino innovations to the world.
To support this ambitious growth trajectory, Lycan is preparing for a new fundraising round to fund key infrastructure and business milestones. The company is targeting a US$17.5M (PHP1Bn) market cap by 2026, with an IPO planned for 2028 to accelerate global trade and expansion.
For updates on upcoming investment opportunities or to request a copy of Lycan's investment deck, kindly email investments@lycan.com.ph with the subject line “Investment Inquiry” or learn more at lycan.com.ph/ventureclub to get started.
Conclusion
While market valuations don’t fully define a company’s appraised value and long-term success, they serve as a strong indicator of investor confidence and future potential. With increasing government incentives for EV adoption, a global shift toward electrification, and a steadily growing local market, Lycan is positioned for accelerated, compounding growth in the years ahead.
And our goal for Lycan is to be the #1 household brand in local EV before the industry peaks.
Lycan is a privately held, 100% Filipino company, headquartered in Metro Manila, operating under a diversified corporate structure with multiple subsidiaries driving its mission forward. Investment opportunities and equity packages may vary.
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