MANILA, Philippines, July 15, 2022 / PRNewswire/ – Globe Capital Venture Holdings, Inc. (917Ventures), the corporate venture builder of top Philippine digital solutions platform Globe Telecom, has partnered with AC Ventures, a subsidiary of Filipino conglomerate Ayala Corp. (Ayala), to explore business opportunities and grow its ecosystem.
AC Ventures is the conglomerate’s platform for its investments in adjacent businesses that complement its current portfolio as well as emerging trends and innovative businesses.
Under the arrangement, AC Ventures will participate in funding the research, development, and launch of 917Ventures ’new business ventures.
“We are excited to work with AC Ventures. We can use the ecosystem and network advantages they provide to solve the pain points of consumers and businesses. Through digital solutions, we can help provide access and deliver. of indelible value in The Philippines and the Asia-Pacific region, “he said Vince Yamat |Managing Director of 917Ventures.
“The accelerated growth of digital adoption has become ingrained in many Filipinos who are rapidly transitioning to how they work, study, play, and access basic services. Ayala wants to participate in multi-decade change this by contributing to research and development and incubating disruptive solutions to various consumer touchpoints in our portfolio.With its strong track record in developing startups to achieve size and profitability, we believe that 917Ventures is the natural vehicle for Ayala’s digital ventures, ”he said Alberto de LarrazabalChief Finance Officer of Ayala and President and CEO of AC Ventures.
917Ventures has successfully spawned 9 new companies since its inception in 2019, including HealthNow and PureGo to name a few. This is due to the fact that Globe Telecom has unlocked its unique advantages in data and customer base, distribution point, enterprise partners, marketing and execution capability, and capital.
The partnership with AC Ventures hopes to further accelerate both the quantity and quality of its future companies as the unique advantages now extend to the broader Ayala group, including real estate, banking, power, healthcare , and logistics.
917Ventures, a wholly-owned subsidiary of Globe Telecom, is a corporate venture builder that “thinks, launches, accelerates, and measures new business ideas.” Some of the companies under it portfolio is telehealth service platform KonsultaMD, digital and mobile advertising agency AdSpark, and Mynt, The Philippines’ #1 provider of digital financial solutions and the company behind the popular GCash payment services app.
To learn more about 917Ventures, visit https://917ventures.com/.
917Ventures is The Philippines’ largest corporate venture builder who thinks, launches, accelerates, and measures new businesses with growth potential. Delivering indelible value to The Philippines and more, 917Ventures uses the rich asset base of Globe Group and Ayala Corporation. 917Ventures ’portfolio companies include some of the country’s leading tech solutions, including double unicorn GCash, telehealth provider KonsultaMD, and digital health platform HealthNow.
About AC Ventures
AC Ventures is Ayala’s platform for strategic investments in digital ventures and other emerging trends. Through AC Ventures, Ayala aims to embrace the disruptive business models and technologies that enable Ayala’s existing business units or lead to promising new businesses.
SOURCE Globe Telecom