Manila, Philippines (June 2, 2015) -- The Co-Foundry, a
venture accelerator from Singapore has officially established its presence in
Manila today, with an inaugural event at the co-working
facility, A Space Manila. Kicking off with a press conference, The Co-Foundry
will introduce a host of exciting initiatives in the Philippines – among which,
working with its international partners to select promising fintech startups in
the Philippines for admission into its fintech acceleration program. 5 of its
portfolio startups will also launch here, showcasing their solutions at a mini
startup exhibition at the event. Industry experts gracing
the event as panelists will also speak about trends in fintech and cross collaborations
among startup ecosystems in the United States and Southeast Asia, specifically
the Philippines.
This is
the first overseas initiative executed by The Co-Foundry on a larger scale to
engage the local startup ecosystem in the Southeast Asian region. As a start,
program mentors to the TCF-PnP Program: Fintech Call 2015,
including Managing Director and CEO of OANDA Asia Pacific, Rajesh Yohannan and
VP of International Operations from Plug and Play, Jupe Tan, will be visiting
the Philippines to meet with local fintech startups. Sponsored by global FX
trading platform, OANDA Asia Pacific and
supported by BlueHill Asset
Management, this unique, bespoke program provides
fintech startups with not only the infrastructure and networks to propel their
growth but also access to mentors with deep fintech expertise, and insight into
OANDA’s APIs.
“The
Philippines, with its high mobile penetration, has an active and developed
fintech scene in terms of micropayments, mobile payment and remittance. Given
this foundation, it is a fertile ground through which more innovative fintech
startups can be cultivated and the fintech program is a driver to achieve that”
said Jojo Flores, Co-Founder and Vice-President of Plug and Play.
Fintech
startups in the Philippines are strongly encouraged to apply online by the
next deadline (May 31st 2015).
The Philippines
was chosen as the launching pad for expansion into the region, both for The
Co-Foundry as well as the startups it is helping to go to market. As part of
The Co-Foundry’s commitment to establishing a presence here, it has already
built a team of Filipinos who support The Co-Foundry and its startups with
navigating the complexities of the local market, bringing them closer to
partners and helping them understand and engage with their customers better.
5 startups
looking to extend its reach into the Philippines will be showcasing their
innovative offerings at the event today. Attendees can expect a diverse range
of startups, from enterprise solutions providers (Taidii, ReadySales) to consumer-driven
apps (Matchimi, Nana, Guuud). One similarity
driving the value proposition of these startups would be the emphasis on the
“B2B2C” business model, where the platforms deliver solutions that will benefit
both businesses and end consumers.
“The
Philippines has no doubt, a large consumer base, many of whom are active
smartphone users. This makes it a very attractive and critical market for our
startups to address if they are looking to establish their foothold in
Southeast Asia. Many of the solutions brought by our startups are also
extremely relevant and beneficial to Filipinos. We are very excited to work
with Launchgarage to bring these solutions to local users.” said Michael Yap,
head of The Co-Foundry.
To further
plug into the startup ecosystem in the Philippines and create a support network
for its startups, The Co-Foundry has also forged a strategic partnership with LaunchGarage, a
Manila-based incubator.
“Launchgarage
is excited to work with The Co-foundry in supporting its portfolio startups
with working with players in the local startup ecosystem”, Jay Fajardo, founder
of LaunchGarage.
The Co-Foundry’s
first foray into the Philippines marks the start of many more exciting
initiatives, which will in turn create mutually beneficial developments for
both startup ecosystems.
LaunchGarage
Started in 2012 as a startup acceleration program by local early
stage investment player Kickstart, and local applications engineering firm
Proudcloud, Launchgarage produced a total of 8 graduates from its program, most
of whom have gone on to raise succeeding rounds of investments and are in their
various phases of growth.
After a failed call for a third batch of candidates, the need to
significantly improve the innovation dna from which local startups were being
born had become apparent. With this in mind, Launchgarage has evolved from the
Kickstart + Proudcloud partnership into a space centric initiative that
promotes an open co-working environment, critical making, and the spirit of
collaboration as it strives to produce truly innovative ventures with
meaningful impact.
Plug and Play
Plug and Play Tech Center is a global investor and technology
accelerator that specializes in growing tech startups. Headquartered in
Sunnyvale California, Plug and Play’s network includes over 300 tech startups,
180 investors, and a community of leading Universities and corporate partners.
The Co-Foundry
The Co-Foundry is company with a team of passionate individuals
who have come together on a mission to help build valuable startups. The team
has the experience in founding startups and also has a deep appreciation of the
challenges of building viable businesses under extreme uncertainties.
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