The National Development Company (NDC) and Gobi-Core Philippine Fund have teamed up to strengthen the Philippines’ position as a regional startup hub. This public-private partnership aims to stimulate innovation, foster investment, and empower Filipino entrepreneurs.
Gobi-Core, as NDC’s first co-investment partner of the Startup Venture Fund supporting innovative startups in the Seed to Series B stage, has already demonstrated its commitment to the Philippine market. A recent significant investment in Humble Sustainability, a leading e-waste management company, highlights the fund’s focus on impactful ventures. This investment, supported by the ADB Ventures, the Asian Development Bank’s venture arm, underscores the potential for sustainable growth in the Philippines.
To further enhance the local startup ecosystem, Gobi-Core facilitated a startup learning tour in Malaysia for NDC representatives earlier this year. This tour provided valuable insights into Malaysia’s successful public-private initiatives and its thriving startup scene.
Alewjin Ong, Assistant General Manager and Chairperson of the Startup Venture Fund, shared his reflections on the tour. “The Malaysia benchmarking and immersion activity proved to be very insightful in terms of providing an overview of the state that the Malaysian startup ecosystem is in, and a baseline for us in the Philippines to determine where we are ourselves in the grand design of the system. While there are intricacies that are endemic to Malaysia and may not be applicable to our local setting, these insights will help refine our implementing rules and regulations (IRR), thus improving the operations of the Startup Venture Fund initiative.”
He added, “The trip also served as a venue for investment promotion, targeting PH-based Malaysian companies with commercial and industrial space requirements. We are hopeful that this immersion sends a strong signal to the international community that the Philippine Government is fully supportive of the PH startup ecosystem and committed to its full growth.”
During the tour, NDC representatives engaged with several Gobi portfolio companies, including Carsome, Aerodyne, and CompAsia, to explore cross-border collaboration and knowledge sharing.
and a courtesy call to the Philippine Embassy
Additionally, NDC engaged with key Malaysian stakeholders to gain valuable insights into their strategies for fostering innovation. The delegation connected with Twin Tower Ventures, Petronas’ corporate venture capital arm, to explore potential investment strategies. They also met with Malaysia Venture Capital Management Berhad (now Jelawang Capital) and the Malaysia Digital Economy Corporation (MDEC) to learn about their collaborative government-private sector approach to supporting startups.
The tour concluded with a visit to the Philippine Embassy in Malaysia, where the NDC delegation met with Ambassador Maria Angela A. Ponce. The delegation emphasized the importance of regional partnerships and reaffirmed the Philippine government’s commitment to creating a supportive environment for startups.
Gobi-Core believes that this partnership with NDC will play a pivotal role in establishing the Philippines as a key player in ASEAN’s interconnected startup landscape. By combining resources, expertise, and strategic support, Gobi-Core and NDC aim to empower Filipino entrepreneurs and drive sustainable growth across the region.
“We are excited to partner with NDC to unlock the full potential of the Philippine startup ecosystem. By leveraging our global network and investment expertise, we aim to attract more capital, talent, and opportunities to the country,” said Carlo Chen-Delantar, Partner and Head of ESG and Circular Economy for Gobi Partners and the Gobi-Core Philippine Fund. “This partnership aligns with the government’s vision of a thriving innovation economy, and we are confident that it will accelerate the growth of Filipino startups.”
Established in 2018, the Gobi-Core Philippine Fund is a leading venture capital firm fostering innovation in the Philippines. This joint venture between Gobi Partners, a renowned regional investor, and Core Capital, a prominent Philippine investment firm, leverages its combined expertise to empower promising Filipino startups. The fund utilizes a multi-stage investment approach to back industry leaders like Cloudeats, Kumu, Etaily, and Flowerstore.ph, facilitating their expansion across Southeast Asia.
The National Development Company (NDC) is a government corporation driving Philippine economic growth. Under the Department of Trade and Industry, NDC invests in strategic sectors like manufacturing, agriculture, energy, and infrastructure. Through capital infusion, co-investments, and partnerships, NDC empowers Filipino businesses and strengthens the nation’s economy.