Source: https://tribune.net.ph/index.php/2022/07/11/globe-ayala-fuse-muscle-for-startups/
Globe Telecom and a venture capital unit of Ayala Corp. (AC) have teamed up to breed Filipino start up firms to boost the local corporate landscape amid its swift transformation due to technology.
Globe Telecom’s unit 917Ventures (917V) has partnered with AC Ventures to explore business opportunities within the Ayala group and at the same time help newly-formed companies.
Venture capital firms like AC Ventures provide financing to startup companies and small businesses that are believed to have long-term growth potential.
Globe Telecom and a venture capital unit of Ayala Corp. (AC) have teamed up to breed Filipino start up firms to boost the local corporate landscape amid its swift transformation due to technology.
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Globe Telecom’s unit 917Ventures (917V) has partnered with AC Ventures to explore business opportunities within the Ayala group and at the same time help newly-formed companies.
Venture capital firms like AC Ventures provide financing to startup companies and small businesses that are believed to have long-term growth potential.
Globe said 917V has successfully spun off nine new companies since its inception in 2019, including HealthNow and PureGo to name a few.
917V have under its wings telehealth service platform KonsultaMD, digital and mobile advertising agency AdSpark, and Mynt, the Philippines’ #1 digital financial solutions provider and the company behind the popular GCash payment services app.
Globe said it has unlocked, through its unit, unique advantages of its data and customer base, distribution points, enterprise partners, marketing and execution capability, and capital.
Accelerate new companies
The partnership with AC Ventures hopes to further accelerate the quantity and quality of its future companies encompassing real estate, banking, power, healthcare and logistics.
AC Ventures, a wholly-owned subsidiary of AC, is the conglomerate’s platform for its investments in adjacent businesses that are complementary to its existing portfolio as well as in emerging trends.
Under the arrangement, AC Ventures will participate in funding the research, development, and launch of 917V’s new business ventures.
“We are very excited to work with AC Ventures. We can leverage the ecosystem and network advantage that they provide to solve the pain points of consumers and businesses. Through digital solutions, we can help pave the way and deliver indelible value to the Philippines and the Asia-Pacific region,” Vince Yamat, Managing Director, 917Ventures, said.