IdeaSpace, a Manila-based non-profit organisation, has launched a new fund to invest in early-stage and pre-Series A startups in the Philippines.
According to a statement by IdeaSpace, the fund will seek “founders who looking for funding to help make key business and strategic decisions.” The size of the fund was not disclosed.
IdeaSpace already operates a startup incubator and accelerator in the Philippines, which has helped support 91 tech startups and invested over 200 million Philippine pesos into the local startup ecosystem. The organisation is the non-profit arm of Metro Pacific Group, one of the Philippines’s major conglomerates.
IdeaSpace claims to have managed to secure an exit with Coins.ph, which was acquired by Indonesian ride-hailing super app Gojek in January 2019. IdeaSpace was reported to have invested about 1 million Philippine pesos ($20,000) in the fintech company before netting a five-times report upon exit.
Other companies it has supported include 1Export, Experience Philippines, Cocotel, Airship, TimeFree Innovations, Acudeen and Qwikwire.
IdeaSpace’s backers include First Pacific, First Pacific Leadership Academy, Metro Pacific Investments Corporation (MPIC), Metro Pacific Tollways Corporation (MPTC), Metro Pacific Hospital, Philippine Long Distance Telephone Company (PLDT), Meralco, Smart Communications, Inc (Smart), Indofood, Philex Mining, Maynilad and TV5.
Other prominent VC funds in the Philippines include the Ayala ACTIVE Fund, which will be managed by Kickstart Ventures. The fund has secured capital commitments worth $195 million. Conglomerate JG Summit runs a $50 million corporate VC unit to invest in early-to-mid stage startups in Southeast Asia.