Ideaspace Ventures has 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.”
In a notable move, Ideaspace Ventures has made immediate investments in the selected startups, reinforcing its commitment to fostering their growth.
The new cohort features the following startups: Collo, a startup that aims to improve and simplify property management; Flying Tigers Express, a logistics service startup focused on same or next-day, door-to-door, island-to-island express delivery; Itemcount, which seeks to help businesses earn more by simplifying inventory-keeping; Remotify, designed to transform remote work management; and Swiftclaims, a startup on a mission to improve Philhealth insurance claims processing for Philippine healthcare institutions.
Participants in Ideaspace’s accelerator program will receive comprehensive support, including mentorship in business operations, fundraising strategies, and effective marketing and sales insights.
“The rigorous selection process showcases the resilience of these startups. Despite the challenges posed by the downturn in 2023, they have demonstrated perseverance, embodying this year’s theme,” said Jay Fajardo, Executive Director of Ideaspace and an alumnus of Cohort 11.
The accelerator program addresses the funding gap faced by startups in the Philippines. A recent report from Gobi-Core Philippine Fund indicated that 57% of founders believe there is a significant lack of funding opportunities for local startups, coupled with a 40% decline in investments in 2023. The initiative also aims to combat declining founder optimism, as highlighted in the 2024 Philippine Startup Founders’ Outlook study.
Rene “Butch” Meily, President of Ideaspace, expressed optimism for the new cohort, stating, “We are excited to welcome the Cohort 12 startups into the Ideaspace family. The strength of our network, connecting founders and mentors, will undoubtedly drive these ventures to new heights.”
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 linking homeowners with domestic workers.
Just last year, the group also announced investments in burgeoning Cebu-based startups REVAStaff and Payday Today.
The 13-week accelerator program will culminate in a Demo Day during Philippine Startup Week 2024 (PHSW24) in November, as outlined by Ideaspace Deputy Director Ben Alderson. Aiming to promote collaboration and innovation within the Philippine startup ecosystem, the upcoming PHSW24 aligns with Ideaspace’s mission to support local startups in partnership with various government agencies, including the Department of Trade and Industry (DTI), Department of Science and Technology (DOST), and Department of Information and Communications Technology (DICT).