IdeaSpace Investments becomes partner of NDC's Startup Venture Fund worth P500 million
IdeaSpace Foundation, a startup accelerator backed by the MVP Group, has been appointed as a co-investment partner (CIP) of the Philippine government’s Startup Venture Fund (SVF). The SVF has been given PHP 500 million ($10 million) to invest in the country’s most promising tech startups alongside a pool of accredited CIPs. IdeaSpace will work closely with the SVF to co-invest in innovative, high-growth tech ventures from around the country as part of its mission to scale the Philippine startup ecosystem.
Katrina Rausa Chan, Executive Director of IdeaSpace, believes that the government’s investment can be a powerful catalyst for the startup sector, as we’ve seen in some of the world’s most successful ecosystems, such as Israel, Singapore, China and the US. Chan added that the SVF would provide highly impactful capital investment and support to startups, which would, in turn, increase the Philippines’ competitiveness.
IdeaSpace Investments has early access to a pipeline of high-potential, early-stage startups in the Philippines through its accelerator programs and strong partnerships with key ecosystem stakeholders. Leveraging this unique vantage point and the recent appointment as an SVF CIP, IdeaSpace Investments is positioned to continue providing much-needed capital to startups from the pre-seed to Series A stage, spanning a broad range of high-growth sectors.
Since its inception in 2012, IdeaSpace has been scaling, exploring synergies with and investing in tech-enabled startups. Its portfolio startups include local tech heroes such as Flowerstore, Mosaic, Mayani, ChatGenie, 1Export, Packworks, Prosperna, Humble Sustainability, Qwikwire, and Wela School Systems.
Ben Alderson, head of investments at IdeaSpace, says that the accreditation represents real monetary value to their pipeline of prospective startup investees that are pitching for funding this year and into the future. He added that they’re excited to be joining this pool of exceptional investors in their joint mission to accelerate the takeoff of the Philippines’ startup ecosystem and discover and develop the next Filipino tech giants.