Philippine conglomerate Ayala closes new VC fund at $180m

The Active Fund, short for “Ayala Corporation Technology Innovation Venture,” is anchored by Ayala, with its subsidiaries AC Energy, AC Industrials, AC Ventures, and Bank of the Philippine Islands, as well as major telco player Globe Telecom also participating.

The amount raised surpassed the company’s initial target of US$150 million, which was announced by Ayala chairman Jaime Augusto Zobel de Ayala during the fund’s launch last year.

The Active Fund plans to inject between US$2 million to US$10 million into global startups in their series A to series D stages, focusing on fintech, ecommerce, construction tech, and proptech opportunities. It also plans to look for companies that aim to solve urban city problems prevalent in emerging Asia.

The fund will be managed by Kickstart Ventures, a subsidiary of Globe Telecom. Kickstart was a major investor in Coins.ph, a local fintech firm acquired by Gojek early in 2019.