IdeaSpace Foundation, backed by the MVP Group through its venture capital arm IdeaSpace Investments and QBO Innovation Hub, announced recent investments in rising Cebu-based tech startups REVAStaff and Payday Today.
Established in 2012 by its Chairman Manny V. Pangilinan, the IdeaSpace Foundation, which funds early stage (pre-seed to Series A) Filipino startups, is backed by First Pacific, Metro Pacific Investments Corporation, PLDT-Smart, Meralco, and Maynilad, as well as a number of various public and private organizations, including the Department of Science and Technology, the Department of Trade and Industry, and J.P. Morgan.
Both REVAStaff and Payday Today were part of the 10th batch of the recently concluded IdeaSpace Accelerator Program—an annual nationwide initiative with incubatees from across the Philippines. REVAStaff is a property-tech startup specializing in global real estate visual marketing content. Their platform connects real estate agents from different markets, including the U.S., with skilled artists in the Philippines to enhance property listings and boost sales through tech and AI-based solutions. Payday Today offers an earned wage access solution that allows employers to provide instant access to earned wages within the current pay cycle. Their interest-free approach covers only accrued employee earnings.
The investments were made following an extensive evaluation process, including their compelling performance in the IdeaSpace Accelerator program, where both startups demonstrated their potential for significant growth.
IdeaSpace’s investments are expected to be used to expand the operations of each startup, with REVAStaff eager to increase their sales staff and speed up customer acquisition. Currently, REVAStaff works with brands like RE/MAX, JEG Development Corporation, and KMC Savills among many others. Payday Today counts businesses such as MegaWorld Hotels & Resorts, Ecossential Foods, Aspac Rural Bank, and more as users of its platform.
According to Executive Director at IdeaSpace Katrina Rausa Chan, IdeaSpace’s investments are part of a bigger plan to give promising startups more exposure. “Our team at IdeaSpace is working hard to make sure our homegrown startups are getting the exposure and investments that they need to scale,” Chan said. “For example, as an appointed co-investment partner of the National Development Company’s Startup Venture Fund (SVF), we are also looking to endorse these two startups to the SVF to consider for co-investment, and we hope that other private sector VCs will follow suit.”
IdeaSpace already has more initiatives in the pipeline to help Filipino startups, with the organization set to announce the incubatee lineup for its 11th IdeaSpace Accelerator Program in August 2023.