For the first time, Ideaspace made immediate investments in the selected startups, underscoring its commitment to their growth.
The five startups are Collo, which focuses on simplifying property management; Flying Tigers Express, a logistics service specializing in express delivery; Itemcount, which helps businesses streamline inventory management; Remotify, designed to optimize remote work management; and Swiftclaims, aimed at improving PhilHealth insurance claims processing.
Funding opportunities
“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 percent of founders believe local startups “greatly lack” funding opportunities, with a 40-percent decline in investments in 2023.
Waning optimism
The initiative also seeks to address the decline in founder optimism, as highlighted in the 2024 Philippine Startup Founders’ Outlook study.
Rene “Butch” Meily, president of Ideaspace, expressed optimism for the new cohort, saying, “The strength of our network will drive these startups to greater heights.”
The program will conclude with a Demo Day during Philippine Startup Week 2024, showcasing the cohort's innovations.
