PH gov’t unveils P250-million Startup Venture Fund

The Department of Trade and Industry (DTI) and the National Development Company (NDC), together with QBO Innovation Hub, launched last Nov. 19 the Startup Venture Fund (SVF), serving as the culminating event of the Philippine Startup Week 2021. 

The NDC, a state-owned enterprise investing in diverse industries, has allocated P250 million ($5 million) venture fund for innovative Philippine startups in the Seed to Series B stage.

Following the launch is the holding of the “Venture Pilipinas: The Startup Venture Fund Pitch”, a virtual pitch event for startups to showcase their products and services to investors.

Ten startups had the opportunity to pitch and participate in a Q&A session with a panel of venture capitalists judges, for a chance to be invested, mentored, and awarded the SVF’s Choice Award or the startup identified as having high potential for investment.

Winning the SVF’s Choice Award was Agro-Digital PH, a startup harnessing the power of social organizations to galvanize intent and process standards. Its solution enforces consistency, ensuring farmers reap the same expected results all the time. 

The recipient of the award was determined by NDC general manager Ma. Lourdes Rebueno and received P100,000.00.

DTI secretary Ramon Lopez said that “venture capital investment is proven to be effective in promoting innovation and growth and generating productivity gains especially, for MSMEs and young startups”.

DTI undersecretary Rafaelita M. Aldaba, meanwhile, said “this event reinforces and cements our commitment to provide support to our game-changing startups and the founders whose ingenuity and innovation make it possible for us to address the real-world problems we are currently facing, one solution at a time.” 

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