Japan-based telecommunications company Softbank plans to invest more than $20m in Phlippines-based startup companies, Tech in Asia reported today.
The funds will be deployed through a new unit that is being established with IP Ventures, the corporate venturing subsidiary of Philippine IT company IPVG. Softbank took a 10% stake in IP Ventures (IPVI) in 2011 through the Bodhi Investments fund it manages.
IPVI chief executive Enrique Gonzalez will lead the new fund together with Kabir Misra, Katsumasa Niki, Teddy Himler, and Yen Theng Tan from Softbank.
“We have been attracted to the robust macroeconomic growth and favourable demographic attributes of the region, but have also have been impressed at the micro level, namely the breadth of talent and burgeoning culture of entrepreneurship in the region,” Himler explained.
“We are taking a long view in the development of the Filipino economy, particularly its tech ecosystem.”
The fund will concentrate on growth stage companies focused on e-commerce, digital media, fintech, advertising technology, and cloud services, as well as consumer areas such as retail, food and beverages.
Softbank launched a $50m fund with telecommunications firm Indosat last month that will make similar investments in the Indonesian startup sector.