With Mynt as the Philippines’ first double unicorn that is managing the country’s leading e-wallet GCash, and KonsultaMD as the largest telehealth company in the country with over 2.5 million users, Globe’s venture builder is poised to become a unicorn factory for its innovations focused on promoting inclusion for all and democratizing necessities such as financial and health services.
With a total of 12 portfolio companies and more ventures in the pipeline, 917Ventures remains to be the Philippines’ largest corporate venture builder that generates startups from concept and development to growth and expansion.
To further cement its path to accelerating startups, 917Ventures has partnered with worldwide venture capital firm 500 Global to develop and scale 917Ventures’ portfolio companies and ventures, unlocking more opportunities for growth beyond the Philippines and Southeast Asia.
500 Global is a leading venture capital firm with $2.7 billion in assets under management that invests across stages. It has backed more than 2,700 companies in 81 countries, including 49 unicorns such as Grab, Canva, Twilio, Bukalapak, GitLab, and Udemy.
Through this partnership, 500 Global aims to support 917Ventures in accelerating startups with exciting potential in the Philippines. Up to 11 startups were selected to participate in an ongoing 10-week accelerator program, with an emphasis on supporting founders in their post-commercialization efforts to unlock the next stage of growth and scale.
The program is designed to leverage 917Ventures’ existing innovation knowledge, assets, capacity, and desired outcomes, and will mimic the accelerator experience that startups often go through in Silicon Valley.
917Ventures’ startups from different verticals– e-commerce, fintech, marketplace, data, edutech, B2B SaaS, and media and entertainment – will participate in the accelerator program, which will serve as an avenue for them to further explore their strengths and identify more opportunities for growth.
“I’m very optimistic about this new opportunity with 500 Global. We are committed to constantly uplifting Filipino lives and maintaining our reputation as the largest and leading venture builder that provides inclusive and accessible digital solutions in the Philippines and beyond. With this program, our strong portfolio of startups will only become the powerhouses they are meant to be, thanks to the new perspective that 500 Global will bring,” said Vince Yamat, Managing Director for 917Ventures.
Ee Ling Lim, Executive Director of Market Launch for 500 Global, meanwhile, said: “We are thrilled to partner with 917Ventures to help accelerate and grow tomorrow’s leading companies. Through this accelerator program with 917Ventures, we hope to empower their future leaders to put innovation into action, by creating innovative products and services that can improve lives and drive economic growth.”
The accelerator program, which started on October 25, 2022, will run for 10 weeks until the demo day on January 18, 2023.