The capital venture building units of Globe Telecom and Ayala Corp have partnered up to explore new opportunities in a bid to expand digital solution ecosystems.
Globe Capital Venture Holdings which trades as 917 Ventures partnered with Ayala Corp subsidiary AC Ventures to fund the research, development and launch of 917 Venture business projects.
Since starting operation in 2019, 917 Ventures spun-off nine new companies including medical platform HealthNow and online grocer PureGo. The success was attributed to the use of Globe Telecom’s data, customer base, distribution points, enterprise partners, marketing and execution capability, and capital.
The latest announcement is a broadening of prior agreements which now encompasses Ayala’s wider businesses including real estate, banking, power, healthcare and logistics.
“We can leverage the ecosystem and network advantage that they (AC Ventures) provide to solve the pain points of consumers and businesses. Through digital solutions, we can help pave the way and deliver indelible value to the Philippines and the Asia-Pacific region," said 917Ventures managing director Vince Yamat.
Ayala CFO and AC Ventures President and CEO Alberto de Larrazaba added: "The accelerated growth of digital adoption has become ingrained in many Filipinos who have quickly transitioned how they work, study, play, and access basic services.
“Ayala intends to participate in this multi-decade transformation by contributing to the research and development and incubation of disruptive solutions across different consumer touchpoints in our portfolio. With its strong track record of developing startups to achieve scale and profitability, we believe that 917Ventures is the natural vehicle for Ayala's digital ventures."
