Philippines-based accelerator IdeaSpace invests in logistics, tourism startups

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.

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.