MANILA, Philippines - Singtel Innov8, the venture capital arm of the Singtel Group, has launched a new program to provide support for startups from the Philippines and across the globe that are looking to offer innovative solutions for business challenges.
Under the program called Singtel Innov8 Connect, selected startups will receive up to S$75,000 or around P2.5 million to test and validate their solutions with Singtel.
Launched on Jan. 12, the program provides an opportunity for startups to collaborate and get financial support, said Globe Telecom, an affiliate of the Singtel Group.
Successful solutions may be commercialized with Singtel, allowing startups to cater to the group’s customer base across Asia, Australia and Africa.
The program builds on existing initiatives of the Singtel Group and its affiliates to support startups and entrepreneurship programs.
In the Philippines, Globe has Kickstart Ventures, a corporate venture capital firm that invests in digital startups through its two funds. Fund 1 which is the original $5 million seed-to-early-stage investment fund, ia focused on startups from the Philippines with an ambition to expand in the region, at the least.
Fund 2, on the other hand, is the $50 million growth stage fund focused on strategically-aligned startups anywhere in the world.
Kickstart president Minette Navarrete said the new program would only enable Philippine startups to penetrate the global market but would also allow Singtel and Globe to benefit from the innovative solutions offered.
“Kickstart’s mission is to break down barriers and to build bridges to enable close and relevant engagement between the business community and the startup founders. Working with Singtel on Innov8 Connect will drive that goal forward,” she said.
Singtel Innov8 CEO Edgar Hardless said the new program would allow the group to get solutions that can benefit its business.