917Ventures (917V) has partnered with AC Ventures to explore business opportunities and grow its ecosystem while e27’s Co-Founder and CEO Mohan Belani has announced the launch of a venture capital (VC) firm.
AC Ventures partners 917Ventures
Philippine tech giant Globe’s corporate venture builder, 917Ventures (917V), has partnered with local investor AC Ventures to explore business opportunities and grow its ecosystem, according to a statement.
As per the arrangement, AC Ventures will participate in funding the research, development and launch of 917V’s new business ventures.
“We are very excited to work with AC Ventures. We can leverage the ecosystem and network advantage that they 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 Asia-Pacific region,” said 917Ventures Managing Director Vince Yamat.
917Ventures hopes the partnership with AC Ventures will improve the quantity and quality of its future companies, drawing from the broader Ayala group, including real estate, banking, power, healthcare and logistics.
AC Ventures is a wholly-owned subsidiary of Philippine conglomerate Ayala Corporation, the conglomerate’s platform for its investments in adjacent businesses that are complementary to its existing portfolio as well as in emerging trends and innovative businesses.
“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 touch points in our portfolio,” said Alberto de Larrazabal, Ayala’s chief finance officer and AC Ventures president and CEO.
E27 founder launches VC fund
Tech media platform e27 Co-Founder and CEO Mohan Belani has announced the launch of a VC firm that would invest in early-stage tech companies in Southeast Asia.
Called Orvel Ventures, the fund seeks to invest in early-stage technology companies, primarily seed stage, in Southeast Asia. It was co-founded by Ascend Angels and Vulpes Investment Management.
“While this is a crazy difficult time to fundraise, it’s also the opportune time to be investing in early-stage companies,” he wrote in an announcement on his Linkedin. “This feels like 2008 all over again, and it’s exciting to look at companies with a builder mindset and long-term view.”
The fund is targeting its first close by July end.