MVP Group's Ideaspace Ventures adds five startups to portfolio with immediate investments
Summary
Despite facing the downtrend challenges of 2023, they have persevered, truly embodying this years theme, Jay Fajardo, Ideaspace Executive Director, said.Ideaspaces accelerator program addresses the funding gap startups face in the Philippines. The initiative also seeks to address the decline in founder optimism, as highlighted in the 2024 Philippine Startup Founders Outlook study.Rene Butch Meily, Ideaspace President, shared this optimism about the programs latest cohort, saying, We are thrilled to welcome the Cohort 12 startups into the Ideaspace family.The strength of our network, which connects founders, mentors, and the broader MVP group, will undoubtedly drive us to greater heights.Since its inception in 2012, the Ideaspace Accelerator Program has supported over 700 startups and accelerated more than 250 businesses. Notable alumni include Molinos de la Especia, a tech-driven marketplace for premium spices, Hey Roomie, a virtual community hub for growth, and Kazam.ph, a platform connecting homeowners and domestic workers.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 Ideaspaces 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).Ideaspace is the Philippines premier startup enabler behind Ideaspace Ventures, a VC committed to invest in early-stage Filipino technology startups. Ideaspace was established in 2012 by its Chairman, Manny V. Pangilinan with the vision of supporting Filipino tech entrepreneurship, and is backed by First Pacific, Metro Pacific Investments Corporation (MPIC), PLDT-Smart, Meralco, and Maynilad, along with various public and private organizations.