IdeaSpace, a Philippines-based accelerator backed by diversified holding company First Pacific, has launched a new vehicle called the Opportunity Fund, e27 has reported.
Opportunity Fund will participate in pre-series A rounds for IdeaSpace portfolio companies in addition to startups that have not graduated from the accelerator. It is intended to steer participants towards growth and leverage untapped talent in the local innovation ecosystem.
IdeaSpace’s corporate partners include several First Pacific-owned businesses in addition to electricity utility Meralco and mining firm Philex Mining, both of which count First Pacific as a minority investor.
The majority-owned subsidiaries include leadership training scheme First Pacific Leadership Academy, infrastructure-focused holding company Metro Pacific Investments Corp and toll road operator Metro Pacific Tollways.
The others are healthcare provider Metro Pacific Hospitals, telecommunications operators Philippine Long Distance Telephone Company and Smart Communications, packaged food supplier Indofoods and water supplier Maynilad.