The Gobi-Core Philippine Fund (Gobi-Core) has been officially accredited as a Co-Investment Partner (CIP) of the Philippine government’s Startup Venture Fund (SVF), one of the first since the fund’s inception in 2021.
Per the Innovative Startup Act (RA 11337), the Startup Venture Fund (SVF) shall be used to match investments by selected investors in startups of varying stages based in the Philippines. The SVF – a joint effort by the Department of Trade and Industry (DTI) and National Development Company (NDC) – currently has an allocation of US$10 Million (PHP500 Million).
Through this role, Gobi-Core, a joint-venture partnership co-managed by Manila-based venture capital firm Core Capital and Pan-Asian Gobi Partners, will be able to co-invest with the SVF in Philippine-based high-potential startups while bridging these investees to the rest of the region via the firm’s 15 countries ASEAN presence and track record of performance.
On the selection, Core Capital Managing Partner, Jason Gaisano said, “We are incredibly grateful for this recognition in being appointed as the Co-Investment Partner to the government’s SVF initiative. We strongly believe in the effectiveness of public-private partnerships in the tech ecosystem and with this endeavor we emphasize both locally and internationally that the Philippines is bound for an inflection point. From our success in the past four years in creating opportunities, jobs, and empowering brilliant founders, we are excited about what’s to come and are assured that by working together, we can bring our country’s talented entrepreneurs to new heights.”
Since its establishment in 2018, Core Capital has already invested in startups which have now become local household names such as Tier One – a premier esports and entertainment brand which ranked first on LinkedIn’s Top PH Startups list last year – and Kumu, the Philippines’ largest social entertainment app and one of the country’s top tech companies.
These examples join the ranks of other startups that have a strong regional presence or are set for regional expansion, a signature quality in Core Capital’s portfolio.