An earlier version of the fund recently executed a successful exit when one of its first investees, Coins.ph, entered a partnership with Indonesia’s biggest on-demand, multi-service platform GOJEK. Part of the partnership is an acquisition of significant shares in Coins.ph that ensured IdeaSpace a return of almost six times its initial investment.
Coins.ph is Southeast Asia’s leading mobile blockchain-enabled platform that enables anyone, including those without a bank account, to easily access financial services directly from their phone. Their products include a mobile wallet and services such as remittances, mobile air-time, bill payments, and online shopping at over 100,000 merchants. Currently operating in the Philippines and Thailand, Coins.ph's mission is to increase financial inclusion by delivering financial services directly to people through their mobile phones.
The IdeaSpace Opportunity Fund is a part of the multi-million Peso startup fund endowed by the First Pacific companies in the Philippines including PLDT, Smart, Meralco, Maynilad, and Metro Pacific Investment Corporation among others.
“We are optimistic about Philippine startups and the Coins exit bolstered that belief. Ron and his team did a great job. We are grateful to our Chairman Manuel V. Pangilinan for his vision in establishing IdeaSpace in 2012 and his continuing faith in the future of startups here,” said IdeaSpace President Butch Meily.
“Wins like the ones of Coins.ph is a win for everybody. The profit from these investments will help us fund the future cohorts of the acceleration program,” said Diane Eustaquio, IdeaSpace Executive Director.
Recent addition to the IdeaSpace Opportunity Fund portfolio are Philippine startups including FAME, a hardware and software company that makes gateways and transponders for the aviation and maritime industry, Acudeen, an online platform for receivables discounting, and, AQWIRE, a blockchain-based multi-listing platform for real estate.