MVP Group's Ideaspace Ventures Makes Immediate Investments in Five Startups

• Startup growth: Five startups join Ideaspace’s portfolio.
• Immediate investments: Ideaspace backs startups right from selection.
• Comprehensive support: Startups benefit from mentoring and business guidance.

Ideaspace Ventures, the startup accelerator arm of the MVP Group, recently welcomed five new startups into its portfolio as part of its 12th cohort under the theme “Resilient Founders: Game-Changing Ventures.” 

This year's batch stands out as Ideaspace has, for the first time, made immediate investments in the selected startups, showcasing its commitment to helping these founders succeed.

Meet the Five Startups

This year’s cohort includes a diverse group of innovative startups, each focused on addressing different challenges in their respective industries:

Five startups were selected for this year’s accelerator program. From left to right in the back row: Ben Alderson of IdeaSpace Investments, Jover Virgilio Alforque Jr., Jon Kenneth Gotiong, Dave Overton of Flying Tigers Express, Erwin Kok of Remotify, Darchie Balbin, Mikko Dimapasoc, Mark Irinco, Aaron Calinao, Jay Basco of Collo, Jun Gervacio and JC of Itemcount, Louis Kweyamba of Swiftclaims, and Iggy Javellana of QBO Innovation. In the front row, from left to right: Shor Macalbe of Ideaspace Ventures, Shad Dela Cruz and Eliza Santos of Flying Tiger Express, Maria Sugcang of Remotify, Rene Meily, Jay Fajardo, and Alwyn Rosel of Ideaspace Ventures.

Collo – Aiming to simplify property management, Collo is revolutionizing how landlords, tenants, and property managers handle operations. Their platform provides seamless communication and efficient management tools, helping everyone involved in the property sector save time and avoid headaches.

Flying Tigers Express – This logistics service startup focuses on providing fast and reliable same or next-day, door-to-door, island-to-island express delivery. Their solution caters especially to businesses that need quick, hassle-free shipping across the Philippine archipelago.

Itemcount – Itemcount helps businesses simplify their inventory-keeping processes, ensuring better management of stock and reducing the risk of losses. Their software solution aims to empower businesses by providing insights into their inventory, allowing them to maximize profit opportunities.

Remotify – A startup designed to transform the way remote work is managed, Remotify offers tools to help businesses oversee their distributed teams more effectively, ensuring that productivity and collaboration are never compromised, no matter where team members are.

Swiftclaims – With a mission to improve the processing of Philhealth insurance claims, Swiftclaims is set to ease the pain points that healthcare institutions face in dealing with insurance claims, making the process smoother and faster for everyone involved.

Ideaspace’s Support System

By becoming part of Ideaspace Ventures, these startups receive more than just investment. They benefit from mentorship programs that cover critical aspects of business growth, including operations, marketing strategies, and fundraising. Through this support, startups can build stronger foundations for sustainable success.

Jay Fajardo, Executive Director of Ideaspace and an alumnus of Cohort 11, expressed his excitement for this year's group. “The 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,” Fajardo shared.

Filling the Funding Gap for Startups

The Philippines has been facing a significant funding gap for startups, with many founders struggling to secure the resources they need. According to a report by the Gobi-Core Philippine Fund, 57% of founders believe that local startups lack funding opportunities, with a 40% decline in investments recorded in 2023. Ideaspace Ventures, through its accelerator program, directly addresses this gap by not only offering financial support but also providing valuable resources to help startups thrive in a challenging market.

Empowering Resilient Founders

Ideaspace Ventures has been a key player in nurturing Filipino startups since its launch in 2012. It has helped over 700 startups and accelerated more than 250 businesses, cementing its position as a leading enabler of local entrepreneurship. Some of its 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 with domestic workers.

Rene “Butch” Meily, Ideaspace President, echoed this optimism. “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,” Meily said.

The Road Ahead: Demo Day and Philippine Startup Week 2024

The accelerator program for the 12th cohort will culminate in a Demo Day during the Philippine Startup Week 2024 (PHSW24) in November. This will be a pivotal moment for the startups as they present their progress to potential investors and industry leaders. As outlined by Ideaspace Deputy Director Ben Alderson, the event aligns with the organization's mission to foster collaboration and innovation within the Philippine startup ecosystem. Partnerships with key government agencies, including the Department of Trade and Industry (DTI), the Department of Science and Technology (DOST), and the Department of Information and Communications Technology (DICT), also play a vital role in this mission.

Ideaspace's Commitment to the Future

The addition of these five startups to Ideaspace’s portfolio and the immediate investments that accompany them demonstrate the accelerator’s dedication to strengthening the Philippine startup ecosystem. This initiative not only gives entrepreneurs a chance to thrive but also contributes to building a more vibrant and innovative local business landscape.

As the startups progress through the 13-week program, their resilience and creativity will be tested. However, with the support of Ideaspace, they are well-positioned to overcome challenges and emerge as game-changers in their respective industries.

Ideaspace’s commitment to providing both financial backing and comprehensive support is a testament to the organization's long-standing goal of empowering Filipino tech entrepreneurs to succeed on both a local and global stage.