STATE-OWNED enterprise investor National Development Co. (NDC) partnered with Singapore-based venture capital firm Quest Ventures to drive startup innovation and investments in the Philippines.
“We are excited to join forces with Quest Ventures in our pursuit of innovation and startup industry growth,” NDC General Manager Antonilo DC. Mauricio said in a statement.
Mr. Mauricio said that Quest Ventures’ footprint in Singapore and across Asia will be valuable in “enhancing local venture capital ecosystem and promoting sustainable investments.”
The collaboration aims to leverage the combined expertise and resources of the two companies.
NDC will be leveraging on its newly established Philippine Innovation Hub, which will house the headquarters of the Startup Venture Fund, the Philippine E-commerce Platform, and the Philippine AI (artificial intelligence) Research Center.
“Quest Ventures is delighted to join the NDC in these important efforts to transform the Philippines’ startup and innovation ecosystem by improving access to venture capital,” said April Ong Vaño, head of environment, social and governance at Quest Ventures.
She added that the firm will be bringing its venture capital courses and accelerators to important hubs in the Philippines.
“We also look forward to implementing Philippine-specific programs to address new sectors of opportunities such as sustainability,” she said.
Quest Ventures’ portfolio companies include Carousell, Shopback, Carro, 99.co, and Vulcan Post. Its innovation clients are Coca-Cola, HP, Nissan, and Tencent, among others.
Aside from the partnership with Quest Ventures, NDC has also signed a memorandum of understanding with De La Salle-College of Saint Benilde, Embiggen Group, and Bizbaz.
Quest Ventures, which operates in more than 150 cities across Asia, has more than 100 companies backed by venture capital. — Justine Irish D. Tabile
