MANILA, 6 November 2024 – In a landmark initiative to bolster the Philippines’ position in Southeast Asia’s startup landscape, the National Development Company (NDC) and Gobi-Core Philippine Fund have collaborated to stimulate innovation and investment. This private-public partnership positions the Philippines as a gateway for regional expansion, paving the way for Filipino startups to thrive both locally and across ASEAN.
As NDC’s first co-investment partner, Gobi-Core recently led a significant investment in Humble Sustainability, the Philippines’ leading e-waste management company. This investment, reinforced by support from the Asian Development Bank, highlights Gobi-Core’s dedication to ventures that prioritise environmental and social impact.
To deepen this collaboration, Gobi-Core facilitated a startup learning tour in Malaysia for NDC representatives, including Alewjin Ong, Assistant General Manager and Chairperson of the Startup Venture Fund. Held from June 20-21, 2024, the tour provided the delegation with insights into Malaysia’s established public-private initiatives and its frameworks fostering an innovation-driven economy. Kuala Lumpur’s startup ecosystem, valued at over US$47 billion (2021-2023) according to Startup Genome, demonstrates the impact of such collaborations.
Reflecting on the learning tour, Asec. Ong noted, “The Malaysia benchmarking and immersion activity proved to be very insightful in terms of providing an overview of the state that the Malaysian startup ecosystem is in, and a baseline for us in the Philippines to determine where we are ourselves in the grand design of the system. While there are intricacies that are endemic to Malaysia and may not be applicable to our local setting, these insights will help refine our implementing rules and regulations (IRR), thus improving the operations of the Startup Venture Fund initiative.”
He added, “The trip also served as a venue for investment promotion, targeting PH-based Malaysian companies with commercial and industrial space requirements. We are hopeful that this immersion sends a very strong signal to the international community that the Philippine Government is fully supportive of the PH startup ecosystem and committed to its full growth.”
During the tour, NDC representatives met with several prominent Gobi portfolio companies active in the Philippine market, including Carsome, Aerodyne, and CompAsia, to discuss cross-regional expansion and knowledge exchange opportunities between Philippine and Malaysian startups.
Additionally, NDC connected with Twin Tower Ventures, the corporate venture capital arm of Petronas, exploring diverse investment strategies that could serve as blueprints for the Philippines. The delegation also met with Malaysian entities, including Malaysia Venture Capital Management Berhad (MAVCAP) (now known as Jelawang Capital) and the Malaysia Digital Economy Corporation (MDEC), to understand Malaysia’s collaborative government-private sector approach to supporting a robust startup ecosystem.
The tour concluded with a visit to Philippine Ambassador to Malaysia, Amb. Maria Angela A. Ponce, at the Philippine Embassy. The NDC delegation underscored the significance of regional partnerships and the Philippine Government’s commitment to fostering a supportive environment for startups.
Through this pioneering partnership with NDC, Gobi-Core Philippine Fund is leading an effort to establish the Philippines as a key player in ASEAN’s interconnected startup landscape. By uniting resources, expertise, and strategic cross-border support, Gobi-Core and NDC aim to empower Filipino entrepreneurs, strengthen the local innovation landscape, and create sustainable growth pathways across the region.
ENDS
About Gobi-Core Philippine Fund
Founded in 2018 as a partnership between Gobi Partners and Core Capital, the Gobi-Core Philippine Fund stands among the Philippines’ leading venture capital funds, bridging experienced local operators with regionally seasoned investors and, through a multi-investment stack, backs leading Philippine startups such as Cloudeats, Kumu, Etaily, and Flowerstore.ph that have expanded across ASEAN.
For more information, visit gobicore.vc or Gobi-Core Philippine Fund’s social media pages.
About The National Development Company (NDC)
The National Development Company (NDC) is a government-owned corporation under the Department of Trade and Industry of the Philippines. Established in 1919, NDC plays a key role in advancing the country’s economic growth by fostering the development of strategic industries. With a legacy of over a century, NDC focuses on priority sectors that drive national interests, including manufacturing, agriculture, energy, and infrastructure. By providing capital, co-investing in high-impact projects, and forming strategic partnerships, NDC strengthens the local economy and empowers Filipino enterprises.
For more information, visit https://www.ndc.gov.ph