Metro Pacific-backed IdeaSpace launches early-stage fund for the Philippines

Manila, Philippines. Photo: David Milmont/unsplash

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.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.