Manila-based accelerator programme IdeaSpace announced today the launch of Opportunity Fund, which aims to invest in startups within and outside of the company’s portfolio.
According to a press statement, the fund aims to cater to early-stage to pre-Series A startups, particularly founders who may be looking for funding to help make key business and strategic decisions.
The size of the fund was undisclosed.
IdeaSpace further explained about its PHP1 million (US$20,000) investment into Coins.ph. When the startup was acquired by Indonesian ride-hailing giant gojek in January 2019, IdeaSpace said that they netted a five-times return.
The accelerator has since invested in companies such as 1Export, Experience Philippines, Cocotel, Airship, TimeFree Innovations, and to startups outside of the IdeaSpace network such as Acudeen and Qwikwire.
Also Read: Philippines’ IdeaSpace preps for ASEAN integration
“Our initial investment in Coins.ph showed us that there is another way for us to potentially support startups in their entrepreneurial journey,” noted IdeaSpace Executive Director Diane Eustaquio.
“Not all founders go into our acceleration programme and there’s still a lot of talent and leadership potential in the ecosystem. The Opportunity Fund is a way for us to support those founders and through our investment, show them that they’re on the right track,” she continued.
e27 has reached out to IdeaSpace to find out more details about their plan with the fund.
As a non-profit organisation, IdeaSpace has mentored and supported 91 startups under its incubation and acceleration programme. It has invested over PHP200 million (US$3.9 million) worth of support into the Philippine startup ecosystem.
IdeaSpace is supported by First Pacific, First Pacific Leadership Academy, Metro Pacific Investments Corporation (MPIC), Metro Pacific Tollways Corporation (MPTC), Metro Pacific Hospital, Philippine Long Distance Telephone Company (PLDT), Meralco, Smart Communications, Inc (Smart), Indofood, Philex Mining, Maynilad, and TV5.
—
Image Credit: Yannes Kiefer on Unsplash
The post IdeaSpace launches new fund for early-stage startups in the Philippines appeared first on e27.