US$2.5 million fund to drive tech scene in the Philippines
By Joash Wee 07 Mar, 2012
The Philippines has always been one of the developer hotspots in Southeast Asia, together with Vietnam, Indonesia and Thailand. Recently, local support have been increasing to help grow this community into a more vibrant startup ecosystem.
Manila-based Novare Technologies recently set up a Philippines technology startup fund in the amount of about US$ 2.5 million as reported by the iPhone Developer’s Journal. The self-described angel fund, called “Wireless Wings” remains open to additional investors, according to Novare Technologies’ CEO Myla Villanueva.
Together with other fund manages, Villanueva will be looking to make investments as small as US$10,000 each. However, the fund may also consider a single investment, allocating the entire fund, if the right investment opportunity were to come along. In an interview with Stella Arnaldo, Villanueva said, ““I am trying to ignite a culture that I think is very ‘thin’ right now. I want to encourage people to innovate. I want them not to be just builders. I want them to build their own companies, craft their own models and be successful.” More information about the Wireless Wings fund can be found on Arnaldo’s post here.
Other developments in the local developer community includes Shell Philippines starting a development fund of about US$2.3 million at the PhilDev Forum and President Benigno Aquino III announcing a 500 million peso fund (about US$11.5 million) to support training programs at the International Outsourcing Summit in 2011.