Philippines-based tech startup accelerator IdeaSpace has announced an investment in three firms that were part of its incubator programme.
IdeaSpace is investing about $20,000 each in Airship Logistics, a ready-to-use, low-cost end-to-end solution for courier companies; Cocotel, a tech-based property manager for resorts and hotels; and Experience Philippines, a community travel platform for domestic and foreign tourists.
The three startups emerged at the top of this year’s startup competition after a rigorous acceleration program where 20 founders worked with mentors to refine their business and financial model, product, operations, and communications.
Aside from the investment in exchange for equity, IdeaSpace will also provide the three startups with access to exclusive learning sessions, free use of office space, and linkages to corporate partners, strategic partner resources, and investors.
“IdeaSpace’s investments reflect our optimism towards sectors that we see as potential sunrise industries for the Philippines, such as ecommerce and tourism,” said the accelerator’s president, Butch Meily.
Meily revealed that the three startups are already gaining traction, attracting interest from larger corporations. They also provide a “promising view” of the kinds of businesses, solutions, and services the Philippines will be able to offer as the country’s digital economy matures, he added.
According to the latest e-Conomy SEA report prepared by Google, Temasek, and Bain & Company, the Philippines’ digital economy is expected to grow to $25 billion by 2025. IdeaSpace said the growing digital economy highlights the need for startups that are ready to capture the opportunity ahead.
“We’re looking for resilient, creative, and disciplined entrepreneurs who understand the pain points they’re trying to solve in industry and society and who are willing to do the work to build a scalable, sustainable business,” said IdeaSpace executive director Diane Eustaquio.
The firm launched in 2012 with $12.5 million in funding. It has invested in eight startups, including PortfolioLauncher, TimeFree Innovations, PinoyTravel, Zipmatch, and Saffron Technologies.