In two separate developments in the Philippine startup industry, a new umbrella organization was launched to boost the local startup community, while US-based accelerator 500 Startups expressed interest in launching a Philippine microfund.
New umbrella organization StartupPH launched for startup community
A new entity called “StartupPH” was launched by the main local industry players aimed to benefit all stakeholders, and supporters of the startup and innovation communities in the Philippines.
Jojo Flores, co-founder of Silicon Valley-based incubator and accelerator Plug and Play, said StartupPH is a community-led initiative composed of organizations that nurture startups in one way or another.
StartupPH was formed to create a more efficient and structured program for the startup ecosystem as a whole ― to gain and provide legit information to companies and investors who are on a lookout for startups with feasible business models.
StartupPH is so far composed of the Department of ICT, Founder’s Institute, GOAB, accelerator IdeaSpace Foundation, venture capital Kickstart Ventures Inc, Manila innovation hub LaunchGarage, Office of Senator Bam Aquino, Philippine Software Industry Association (PSIA), Software PRoducts Incubation Group (Spring.ph), TechTalks.PH, and UP Enterprise Business Incubator.
“We will promote StartupPH as a digital platform for people to connect,” Flores said. “The basic function of StartupPH is to identify who’s who in the startup scene in the Philippines.”
Flores noted all those involved in the Philippine startup ecosystem, particularly existing and future startups, stand to benefit from StartupPH. He will initially lead the new organization.
500 Startups mulls Philippine microfund
Silicon Valley-based seed fund and early stage startup accelerator 500 Startups is mulling to launch a Philippine microfund.
500 Startups managing partner Khailee Ng made the announcement during his talk at the GOAB event on Friday, citing they might apply the same strategy they did in creating the comany’s venture capitals in Thailand and Vietnam.
Ng, however, stressed there is nothing definite yet.
Ng said they have been discussing the idea to local startup players in the Philippines to find candidates fit to manage a microfund.
500 Startups last July received $8.28 million in LP commitments for its Thailand-focused micro fund 500 TukTuks. It is seeking to raise another $6.72 million after it has extended the fund corpus to $15 million. The company raised $10 million for the Vietnam microfund early this year and planning to expand the fund.
The 500 TukTuks has so far invested in over 20 local startups, while the Vietnam Fund has invested in startups from various industries such as ecommerce, edtech, fintech, and video tech.