IdeaSpace launches ‘Opportunity Fund’ for Philippine startups
MANILA, Philippines – Startups who are very early in their cycle may want to take a look at this.
Philippine startup accelerator IdeaSpace launched what it called an “Opportunity Fund” on Wednesday, March 11. It aims to help fund startups in the early stage up to their pre-series A fundings. Typically, a startup has a developed product by the time they start to look for series A funding, which will allow them to scale up.
The fund is open to both startups that began in their accelerator program and those outside of it.
One of the most successful startups helped along by IdeaSpace is fintech company Coins.ph, to which it invested P1 million. According to IdeaSpace, the investment netted them a 500% return, after Coins was acquired by Indonesia’s Go-Jek.
“IdeaSpace is looking for teams that have proven their ability to execute, their commitment to building and growing their startup, their ability to secure and keep business, and their ability to manage their resources,” said IdeaSpace president Butch Meily.
“We are hoping that with the Opportunity Fund, we can bring the attention of more corporations, financial institutions, and investors to more Philippine startups that can take on larger, more long-term investments, be it through business partnerships or through additional funding.”
The accelerator also said they're focusing more on startups that specialize in "software and platforms," and will be evaluated in "areas such as business model, traction, financials, and team competencies." – Rappler.com