Globe Telecom today announced $50 million venture capital (VC) fund to drive the rapid growth of high-potential startups across the world.
This growth fund or Fund 2 targets startups in expansion mode anywhere in the world with clear regional and global prospects.
“In the Philippines, I have yet to see a startup breakthrough in a big way, not because of lack of talent but because the whole sector is devoid of support. Large tech incumbents operate well here, but startups struggle,” said Ernest L Cu, president and CEO of Globe Telecom.
Globe Telecom said it started Kickstart in 2012 with a $2.4 million seed fund or Fund 1 focused on seed and early-stage startups. For Fund 1, Kickstart also recently received a $1.1 million top-up for 2015 deals. Investment targets of Fund 1 can be domiciled in any country and have no nationality requirements.
Fund 2 expands on Globe Telecom’s innovation and is possibly the largest commitment to early-stage startup investing coming out of a Philippine company.
“We are looking for startups that have strategic capabilities of value to communications and digital companies, in which we could invest more significant sums at Series A round and beyond to drive customer adoption and market momentum,” said Minette Navarrete, president of Kickstart in a statement.
Fund 2 will invest in startups focused on the digital communications domain and encompasses telecoms as well as media, data analytics, Internet of Things, financial services, health, education, IT security, and energy and spectral efficiency.
So far, Kickstart has made 20 investments.
