Manila, Philippines, July 15, 2022 /PRNewswire/ — Globe Capital Venture Holdings, Inc . (917Ventures), the corporate builder of leading Philippine digital solutions platform Globe Telecom, has partnered with AC Ventures, a subsidiary of Philippine conglomerate Ayala Corp. (Ayala) to explore business opportunities and develop its ecosystem.
AC Ventures is the conglomerate’s platform for its investments in adjacent businesses that complement its existing portfolio, as well as in emerging trends and innovative businesses.
Under the agreement, AC Ventures will participate in funding the research, development and launch of 917Ventures’ new business ventures.
“We are very excited to be working with AC Ventures. We can leverage the ecosystem and network benefits they provide to solve consumer and business pain points. Through digital solutions, we can help pave the way and deliver indelible value to The Philippines and on Asia-Pacific region region,” said Vince Yamatmanaging director of 917Ventures.
“The accelerated growth of digital adoption has taken root in many Filipinos who have rapidly changed the way they work, learn, play and access essential services. Ayala intends to participate in this multi-decade transformation by contributing to the R&D and incubation of disruptive solutions across various consumer touch points across our portfolio. With its strong track record of developing startups to scale and profitability, we believe 917Ventures is a natural fit for Ayala’s digital ventures,” said Alberto de LarazabalChief Financial Officer of Ayala and President and CEO of AC Ventures.
917Ventures has successfully spun off 9 new companies since its inception in 2019, including HealthNow and PureGo to name a few. This is because Globe Telecom has unlocked its unique advantages of data and customer base, distribution points, corporate partners, marketing and fulfillment capabilities and capital.
The partnership with AC Ventures hopes to further accelerate both the quantity and quality of future companies, as the unique advantages now span the wider Ayala Group, including real estate, banking, energy, healthcare and logistics.
917Ventures, a wholly owned subsidiary of Globe Telecom, is a corporate venture builder that “ideas, launches, accelerates and scales new business ideas”. Some of the companies under it portfolio are telehealth platform KonsultaMD, digital and mobile advertising agency AdSpark and Mynt, the philippines’ #1 provider of digital financial solutions and the company behind the popular payment service app GCash.
To learn more about 917Ventures, visit https://917ventures.com/.
It’s 917Ventures the philippines’ the largest corporate venture builder that ideas, launches, accelerates and scales new businesses that have growth potential. Providing indelible value to The Philippines and beyond, 917Ventures leverages the rich asset base of Globe Group and Ayala Corporation. 917Ventures’ portfolio companies include some of the country’s standout tech solutions, including dual 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 intends to embrace disruptive business models and technologies that enable Ayala’s existing business units or lead to promising new business verticals.
SOURCE Globe Telecom