IdeaSpace, the largest and longest-running early-stage startup accelerator in the Philippines, launches a new Opportunity Fund that aims to provide financial support to Philippine startups that are ready for scale.
An earlier version of the fund recently executed a successful exit when one of its first investees,
Coins.ph, entered a partnership with Indonesia’s biggest on-demand, multi-service platform
GOJEK. Part of the partnership is an acquisition of significant shares in Coins.ph that ensured
IdeaSpace a return of almost six times its initial investment.
Coins.ph is Southeast Asia’s leading mobile blockchain-enabled platform that enables anyone,
including those without a bank account, to easily access financial services directly from their
phone. Their products include a mobile wallet and services such as remittances, mobile air-time,
bill payments, and online shopping at over 100,000 merchants. Currently operating in the
Philippines and Thailand, Coins.ph’s mission is to increase financial inclusion by delivering
financial services directly to people through their mobile phones.
“We believe the story of Coins.ph re-enforces the potential for Philippines’ homegrown technology startups to both affect positive social Impact, and, at the same time generate positive financial returns for investors”, said Coins.ph founder Ron Hose.
“We are optimistic about Philippine startups and the Coins exit bolstered that belief. Ron and
his team did a great job. We are grateful to our Chairman Manuel V. Pangilinan for his vision in
establishing IdeaSpace in 2012 and his continuing faith in the future of startups here,” said IdeaSpace President Butch Meily.
The IdeaSpace Opportunity Fund is a part of the multi-million peso startup fund endowed by the
First Pacific companies in the Philippines including PLDT, Smart, Meralco, Maynilad, and Metro
Pacific Investment Corporation among others.
Recent addition to the IdeaSpace Opportunity Fund portfolio are Philippine startups including FAME, a hardware and software company that makes gateways and transponders for the aviation and maritime industry, Acudeen, an online platform for receivables discounting, and, AQWIRE, a blockchain-based multi-listing platform for real estate.