MVP venture fund backs 5 new startups

Ideaspace Ventures, the startup accelerator arm of the Manny V. Pangilinan group of companies has invested in five new startups, expanding the number of budding firms it has supported to more than 700.

The startups include Collo, which aims to improve and simplify property management; Flying Tigers Express, which is focused on same or next-day door-to-door and island-to-island express delivery; Itemcount, which seeks to help businesses earn more by simplifying inventory keeping; Remotify, which is designed to transform remote work management; and Swiftclaims, which aims to improve Philhealth insurance claims processing for local health-care institutions.

This is part of the 12th round of its flagship accelerator program, which was themed “Resilient Founders: Game-Changing Ventures.”

Tough screening

“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 Ideaspace executive director Jay Fajardo.

The 13-week accelerator program will culminate in a demonstration day during the Philippine Startup Week 2024, which has been scheduled in November.

The event is aimed at fostering collaboration and innovation among the local startup ecosystem, aligning with Ideaspace’s mission to support local startups through partnerships with government agencies such as the Department of Trade and Industry, Department of Science and Technology (DOST) and Department of Information and Communications Technology.

The Strategic and Collaborative Alliance for Leveraging Ecosystems of Startups—National Capital Region (Scale-NCR), a consortium led by the DOST, is currently mapping the billion-dollar startup industry in the Philippines, hoping to reach 17 local governments by October.

Dev’t road map

Scale-NCR aims to complete the project in five years, with the initiative being led by De La Salle Animo Labs, the university’s technology business incubator.

The project will focus on identifying key elements such as community culture, programs and enablers within educational institutions, as well as the number of startups in each local government, according to the consortium.

The development road map will also examine noneducational enablers like incubators and accelerators, along with local government-promoted programs and their outcomes.

In a global report entitled the Global Startup Ecosystem Report by Startup Genome and the Global Entrepreneurship Network released in June, the Philippines’ startup ecosystem was valued at $6.4 billion in 2023.

The Philippines climbed up by 10 notches to rank 81 to 90.

The report cited three subsector strengths of the domestic startup scene, namely the local fintech sector, e-commerce and gaming.

In the next two year, the local startup scene is expected to grow to $35 billion, nearly six times as big as it was last year.