MANILA – At least three startups received PHP2.5 million each as initial funding from venture builder 917Ventures, it announced on Wednesday.
KodeGo, Fanlife, and BentaTV were chosen to put their businesses to reality as an IT (information technology) training program, an online community platform for Korean culture fans, and a digital platform for non tech-savvy sellers, respectively.
“We are happy to find ideas that are aligned with our vision of improving the digital lifestyle of Filipinos and helping solve social issues through technology. These ventures are already getting ready to spin off into a company so we are here to provide them with the support they need," said 917Ventures managing director Vince Yamat, in a statement.
Both Fanlife and KodeGo joined 917Ventures' three-month Velocity Bootcamp last year. The program aims to help external talents and bring their ideas into the 917Ventures which would help them create their businesses.
On the other hand, BentaTV was part of the 917Ventures' Venture Builder program. The startup will provide an online platform for merchants who are not techie, to make live-selling easier for them.
“Many online selling platforms are already competing in the Philippine market, but we saw the lack of focus on the sellers. With the pandemic restricting face-to-face transactions, many merchants are taking the online-selling route, mainly live selling, to showcase their products. We envisioned BentaTV to make it smoother for these sellers to make the transition,” Gio Tantoco, BentaTV venture builder, said.
With the goal of increasing employability, KodeGo will serve as an online Bootcamp, where a "learn now, pay later" scheme will be applied for those who would like to learn more about IT.
According to 917Ventures, KodeGo's venture builder Joshua Sta. Ana has fully entrusted the startup to them so he could focus on his studies. Sta. Ana wanted to equip students in digital transformation, as more firms are looking for excellent software engineering skills.
Since Korean culture is very popular in the Philippines, startup Fanlife would bring the fans closer to their idols via virtual concerts and live streams.
Aya Villa-Real, Fanlife venture builder, said Velocity has given them the opportunity to connect the artists and fans despite the pandemic.
Meanwhile, 917Ventures has been seeking new ideas to launch in order to help improve the lives of the Filipinos. It continues to launch and accelerate new business ideas that have the potential to scale fast.
Further, the 917Ventures is part of Globe's 5G hackathon that provides mentorship and an avenue for participants to pitch ideas and solutions to the country's various needs. (PNA)