Qishin Tariq · · 1 min readPhilippines’ AC Ventures, 917Ventures partner to develop startup ecosystem
Philippine corporate venture builder 917Ventures (917V) has partnered with local investor AC Ventures, which will fund the development of the former’s projects.
Image credit: Timmy Loen
AC Ventures will fund the research, development, and launching of 917V’s new business ventures as part of the partnership.
Founded in 2019, 917V is a unit under Philippine telco giant Globe that ideates and builds up new businesses. The corporate venture builder has successfully spun off nine companies, including telehealth platform HealthNow and online grocer PureGo.
Meanwhile, AC Ventures is a wholly-owned subsidiary of Philippine conglomerate Ayala Corporation. It seeks to invest in businesses that are complementary to the Ayala group’s portfolio, as well as in emerging trends and innovative firms.
The partnership hopes to accelerate both the quantity and quality of 917V’s future companies as the unique advantages now encompass the broader Ayala group, including real estate, banking, power, healthcare, and logistics.
Alberto de Larrazabal, Ayala’s CFO and AC Ventures’ president and CEO, said 917V’s track record of developing startups to achieve scale and profitability makes it a natural vehicle for Ayala’s digital ventures.
Editing by Miguel Cordon and Lorenzo Kyle Subido
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