09 October 2024, Manila, Philippines – Ideaspace Ventures, the startup accelerator arm of the MVP Group of Companies, has announced the addition of five new startups to its portfolio as part of the 12th cohort of its flagship accelerator program, themed “Resilient Founders: Game-Changing Ventures.”
For the first time since its launch, Ideaspace Ventures has made immediate investments in the startups selected, signifying its commitment to their growth and automatically including them in its portfolio.
The startups included in the latest cohort are the following: Collo, a startup that aims to improve and simplify property management; Flying Tigers Express, a logistics service startup focused on same or next-day, door-to-door, island-to-island express delivery; Itemcount, which seeks to help businesses earn more by simplifying inventory-keeping; Remotify, designed to transform remote work management; and Swiftclaims, a startup on a mission to improve Philhealth insurance claims processing for Philippine healthcare institutions.
These 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.
“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,” Jay Fajardo, Ideaspace Executive Director and an alumnus of Cohort 11, said.
Ideaspace’s accelerator program addresses the funding gap startups face in the Philippines. A recent Gobi-Core Philippine Fund report noted that 57% of founders believe local startups “greatly lack” funding opportunities, with a 40% decline in investments in 2023. 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 program’s 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 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).
