Philippine incubator IdeaSpace invests in 3 logistics, tourism startups

Philippine nonprofit startup incubator IdeaSpace has invested 1 million pesos (nearly US$20,000) in each of the top three teams from the company’s startup competition this year.

Photo credit: IdeaSpace

The startups were chosen after a four-month acceleration program, where 20 startups were mentored to improve their business and financial model, product, operations, and communications, according to a statement.

In addition to the investment, given in exchange for equity, Google Developers Launchpad-backed IdeaSpace will be giving the top participants access to exclusive learning sessions, free office space usage, as well as connections with corporate partners, strategic partner resources, and investors.

Here are the top three startups:

• Airship Logistics offers a low-cost end-to-end solution for courier companies looking to improve their operations management.
• Cocotel is a tech-based aggregator offering property management, construction and design support, and marketing services to value-for-money resorts and hotels.
• Experience Philippines is a community travel platform offering themed and gamified travel experiences to domestic and foreign tourists.

“IdeaSpace’s investments reflect our optimism toward sectors that we see as potential ‘sunrise industries’ for the Philippines, such as ecommerce and tourism,” said IdeaSpace president Butch Meily.

Founded in 2012, IdeaSpace claims to have mentored 91 startups under its incubation and acceleration program, investing about US$10 million worth of support into the Philippine startup space.

It is currently conducting roadshows and workshops ahead of the next startup competition next year. Deadline for applications is on January 17, 2020, the company said.