For the first time since its launch, Ideaspace Ventures has also made immediate investments in the startups selected.
Ideaspace Ventures, the startup accelerator arm of the MVP Group of Companies of Manny Pangilinan, has announced the addition of five new startups to its portfolio.
These will be part of the 12th cohort of its flagship accelerator program, themed “Resilient Founders: Game-Changing Ventures.”
To signify its commitment to the startup companies’ growth, Ideaspace has made immediate investments in the five firms selected — the first time that it has ever done so — and automatically included them in the venture firm’s portfolio.
The startups included in the latest cohort are Collo, Flying Tigers Express, Itemcount, Remotify, and Swiftclaims.
Collo aims to improve and simplify property management, while Flying Tigers Express is logistics service startup focused on same-day or next-day, door-to-door, island-to-island express delivery.
Itemcount seeks to gelp businesses by simplifying inventory-keeping; as for Remotify, they designed to “transform remote work management.”
Over at Swiftclaims, the startup is on a mission to improve Philhealth insurance claims processing for Philippine healthcare institutions and providers.
These five startups will benefit from Ideaspace’s comprehensive support, including mentorship on business operations, guidance on fundraising strategies, and insights into effective marketing and sales tactics.
Ideaspace executive director Jay Fajardo said that “[t]he rigorous selection process highlights the resilience of these startups. Despite facing the downtrend challenges of 2023, they have persevered, truly embodying this year’s theme.”
For Ideaspace President Rene “Butch” Meily, “The strength of our network, which connects founders, mentors, and the broader MVP group, will undoubtedly drive us to greater heights.”
The 13-week accelerator program will culminate in a Demo Day during Philippine Startup Week 2024 (PHSW24) in November, as outlined by Ideaspace Deputy Director Ben Alderson.
Aimed at fostering collaboration and innovation within the Philippine startup ecosystem, the upcoming PHSW24 aligns with Ideaspace’s mission to support local startups through partnerships with government agencies such as the Department of Trade and Industry (DTI), Department of Science and Technology (DOST), and Department of Information and Communications Technology (DICT).
Established in 2012, Ideaspace Ventures is a brainchild of MVP Group of Companies Chairman Manny V. Pangilinan and has, over the years, supported over 700 startups and helped accelerate 250 businesses.
Ideaspace’s accelerator program addresses the funding gap startups face in the Philippines, with a recent Gobi-Core Philippine Fund report stating that 57% of founders believe local startups “greatly lack” funding opportunities, with a 40% decline in investments in 2023.