The Philippine government’s Startup Venture Fund (SVF) has recently announced the appointment of IdeaSpace Foundation, the startup accelerator of the MVP group, as its latest Co-Investment Partner (CIP).
As an accredited CIP, IdeaSpace Investments will collaborate with the SVF to co-invest in innovative, high-growth tech ventures across the country. The SVF has notably been allocated P500 million, overseen by the National Development Company in support of its aim of investing in promising tech startups alongside a stable of accredited CIPs.
IdeaSpace Foundation’s extensive experience scaling Philippine startups makes it an ideal partner for the SVF. Its portfolio startups include local tech heroes such as Flowerstore, Mosaic, Mayani, ChatGenie, 1Export, Packworks, Prosperna, Humble Sustainability, Qwikwire, and Wela School Systems. Each startup in IdeaSpace Foundation’s portfolio has found success: for example, 1Export has successfully expanded operations to Indonesia while Mayani recently raised $1.7 million last January.
In the future, IdeaSpace Foundation also plans to continue accelerating startups in a diverse range of sectors such as agritech, edtech, SaaS, and more.
NDC, IdeaSpace Investments representatives and other accredited Co-Investment Partners
at the Synapse mixer event on March 24th 2023
According to the Head of Investments at IdeaSpace Ben Alderson, the recent appointment is a valuable new opportunity for the startups in its portfolio.
“This accreditation represents real monetary value to our pipeline of prospective startup investees that are pitching for funding this year and into the future,” said Alderson. “We’re excited to be joining this pool of exceptional investors in our joint mission to accelerate the takeoff of the Philippines startup ecosystem and discover and develop the next Filipino tech giants.”
Katrina Rausa Chan, Executive Director at IdeaSpace, also expressed her belief that the SVF will provide impactful capital investment and support to startups, which will increase the competitiveness of the Philippines. Speaking at an event hosted by SDC for SVF partners, Chan touted successful cases of similar partnerships abroad.
“Government investment can be a powerful catalyst for the startup sector, as we’ve seen in some of the world’s most successful ecosystems such as Israel, Singapore, China, and the US,” Chan said. “We believe the SVF will likewise provide highly impactful capital investment and support to startups, which will in turn increase the Philippines’ competitiveness.”
“IdeaSpace has always been a strong believer in public-private partnerships. We worked closely with the government in launching QBO Innovation Hub in 2016 that had a tremendous impact, and we’re honored to have the opportunity to take this collaboration a step further, as a co-investment partner of the SVF,” Chan concluded.