Ideaspace Ventures Backs Five Startups in 2024, Expands Support for Local Innovation

Ideaspace Ventures, the startup accelerator division of the MVP Group of Companies, has announced the inclusion of five new startups in its 12th cohort of the flagship accelerator program, titled “Resilient Founders: Game-Changing Ventures.” It is the first time Ideaspace has made immediate investments in the selected startups. 

The new cohort includes five startups: Collo, focused on enhancing property management; Flying Tigers Express, a logistics company specializing in same or next-day, door-to-door, and island-to-island delivery; Itemcount, which aids businesses in simplifying inventory management; Remotify, designed to optimize remote work administration; and Swiftclaims that streamlines claims processing for PhilHealth insurance within local healthcare institutions.

“The rigorous selection process showcases the resilience of these startups. Despite the challenges posed by the downturn in 2023, they have demonstrated perseverance, embodying this year’s theme,” said Jay Fajardo, Executive Director of Ideaspace and an alumnus of Cohort 11. 

The 13-week accelerator program is structured to provide participants with comprehensive support, including mentorship in business operations, guidance on fundraising strategies, and insights into effective marketing and sales techniques.

Ideaspace Ventures aims to bridge the funding gap that many startups encounter in the Philippines. This initiative also seeks to counteract the decreasing optimism among founders, as highlighted in the 2024 Philippine Startup Founders’ Outlook study.

Rene “Butch” Meily, President of Ideaspace, expressed enthusiasm for the new cohort, stating, “We are excited to welcome the Cohort 12 startups into the Ideaspace family. The strength of our network, connecting founders and mentors, will undoubtedly drive these ventures to new heights.” 

The program will culminate in a demo day during the Philippine Startup Week 2024, scheduled for November, through collaboration and innovation within the local startup ecosystem.

The program will conclude with a Demo Day during Philippine Startup Week 2024 (PHSW24) in November, showcasing the innovations developed by the cohort. 

Ideaspace partners with various 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).

Established in 2012 by its chairman Manny V. Pangilinan, Ideaspace is backed by major firms such as First Pacific, Metro Pacific Investments Corp. (MPIC), PLDT Inc., Smart Communications, Manila Electric Co. (Meralco), and Maynilad Water Services Inc. This initiative is part of MPIC’s broader strategy under First Pacific Co. Ltd., including Philex Mining Corp. and PLDT, ensuring a robust foundation for supporting the growth of Filipino tech entrepreneurs.