Ideaspace Ventures, the startup accelerator arm of the MVP Group of Companies in the Philippines, announced the addition of five new startups to its portfolio as part of the 12th cohort of its flagship accelerator program, themed “Resilient Founders: Game-Changing Ventures.”
For the first time since its inception, Ideaspace Ventures has made immediate investments in the selected startups, signaling a stronger commitment to their growth and automatically including them in its portfolio.
The latest cohort includes:
– Collo: A startup aiming to improve and simplify property management.
– Flying Tigers Express: A logistics service focused on same or next-day, door-to-door, island-to-island express delivery.
– Itemcount: A platform designed to help businesses increase earnings by simplifying inventory management.
– Remotify: A solution intended to transform remote work management.
– Swiftclaims: A startup on a mission to enhance PhilHealth insurance claims processing for Philippine healthcare institutions.
These startups will receive comprehensive support from Ideaspace, including mentorship on business operations, guidance on fundraising strategies, and insights into effective marketing and sales tactics.
“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,” Ideaspace Executive Director Jay Fajardo said in a statement.
Ideaspace’s accelerator program seeks to address the funding gap that startups face in the Philippines.
A recent report by the Gobi-Core Philippine Fund noted that 57% of founders believe local startups “greatly lack” funding opportunities, with a 40% decline in investments in 2023.
The initiative also aims to counter the decline in founder optimism, as highlighted in the 2024 Philippine Startup Founders’ Outlook study.
“We are thrilled to welcome the Cohort 12 startups into the Ideaspace family. The strength of our network, which connects founders, mentors, and the broader MVP group, will undoubtedly drive us to greater heights,” Ideaspace President Rene “Butch” Meily said.
Since its launch in 2012, the Ideaspace Accelerator Program has supported over 700 startups and accelerated more than 250 businesses.
Notable alumni include Molinos de la Especia, a tech-driven marketplace for premium spices; Hey Roomie, a virtual community hub for growth; and Kazam.ph, a platform connecting homeowners with domestic workers.
The 13-week accelerator program will culminate in a Demo Day during Philippine Startup Week 2024 (PHSW24) in November, according to Ideaspace Deputy Director Ben Alderson.
The event aligns with Ideaspace’s mission to foster collaboration and innovation within the Philippine startup ecosystem, in partnership with government agencies such as the Department of Trade and Industry (DTI), Department of Science and Technology (DOST), and Department of Information and Communications Technology (DICT).
Business News Asia
