Ideaspace Ventures adds five more startups to accelerator program --[Reported by Umva mag]

IDEASPACE VENTURES, the startup arm of the MVP Group, has added five startups to its portfolio as part of its flagship accelerator program, it said in a statement on Tuesday.

Among the Cohort 12 startups are property management Collo, logistics service startup Flying Tigers Express and Itemcount, which focuses on inventory keeping.

It also includes Remotify, designed to transform remote work management, and Swiftclaims, which seeks to improve the claims processing of Philippine Health Insurance Corp. claims.

“We are thrilled to welcome the Cohort 12 startups into the Ideaspace family,” Rene “Butch” S. Meily, president of Ideaspace Foundation, Inc., said in the statement. “The strength of our network, which connects founders, mentors and the broader MVP group, will undoubtedly drive us to greater heights.”

The company said for the first time since its launch, Ideaspace Ventures has made immediate investments in the selected startups.

“The rigorous selection process highlights the resilience of these startups. Despite facing the downtrend challenges of 2023, they have persevered, truly embodying this year’s theme,” said Jay Fajardo, Ideaspace executive director and an alumnus of Cohort 11.

The accelerator program addresses the funding gap that startups experience in the country.

About 57% of founders have said Philippine startups “greatly lack” funding opportunities, with investments having declined by 40% in 2023, according to the Gobi-Core Philippine Fund report.

“These startups will benefit from Ideaspace’s comprehensive support, including mentorship in business operations, guidance on fundraising strategies and insights into effective marketing and sales tactics,” the firm said.

The 13-week accelerator program will culminate in a demo day at the Philippine Startup Week 2024 in November.

Since 2012, the Ideaspace accelerator program has supported more than 700 startups and accelerated more than 250 businesses.

Ideaspace Ventures is a Manila based venture capital that invests in early-stage startups in the Philippines and the region. It is backed by the largest network of strategic businesses that include mobility, healthcare, logistics, fintech, energy, digital infrastructure, and media.

It was set up in 2012 by its chairman Manny V. Pangilinan to support Filipino tech entrepreneurs, and is backed by First Pacific, Metro Pacific Investments Corp. (MPIC), PLDT Inc. and its wireless unit Smart Communications, Inc., Manila Electric Co. (Meralco), and Maynilad Water Services Inc., along with various public and private organizations.

MPIC is one of the three key Philippine units of Hong Kong-based First Pacific Co. Ltd., the others being Philex Mining Corp. and PLDT. Hastings Holdings, Inc., a unit of PLDT Beneficial Trust Fund subsidiary MediaQuest Holdings, Inc., has a majority share in BusinessWorld through the Philippine Star Group, which it controls. — Aubrey Rose A. Inosante

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