National Development Co. Partners with Quest Ventures to Boost Philippines’ Startup and Innovation Ecosystem
The National Development Co. (NDC), a state-owned investing enterprise under the Department of Trade and Industry (DTI), has joined forces with Asia’s leading venture capital firm, Quest Ventures, in a bid to strengthen the startup and innovation ecosystem in the Philippines. A memorandum of understanding (MOU) was signed between NDC General Manager Anton Mauricio and Quest Ventures Social & Governance Head of Environment April Ong Vaño on September 29 in Manila.
The partnership aims to capitalize on Quest Ventures’ expertise and resources, establish stronger government-private sector connections, and facilitate improved access to venture capital for local startups. Mauricio expressed his enthusiasm about the collaboration and highlighted the potential for growth in the innovation and startup industry. He stated, “With their significant footprint in Singapore and across Asia, Quest Ventures brings valuable cross-border insights, best practices, and an extensive network that aligns with our key objectives in enhancing the local venture capital ecosystem and promoting sustainable investments.”
To support this partnership, the NDC will utilize its newly established Philippine Innovation Hub (iHub), which houses the Startup Venture Fund, Philippine E-commerce Platform, and Ph AI Research Center. Additionally, Quest Ventures will bring its venture capital courses and accelerators to strategic hubs in the Philippines, focusing on emerging sectors like sustainability. Vaño stated, “We look forward to bringing our crowd favorites, such as venture capital courses and accelerators, to important hubs in the Philippines. We also aim to implement Philippine-specific programs that address new sectors of opportunities, such as sustainability.”
Quest Ventures boasts an impressive portfolio, including industry leaders like 99.co, Carousell, Carro, Glife, Hepmil/PGAG, Oddle, Shopback, VulcanPost, Xfers, and Kraver’s Canteen. The firm’s enterprise innovation clients include Applied Materials, Coca-Cola, HP, Nissan, and Tencent. Combining capital and technology, Quest Ventures has contributed to uplifting communities in emerging economies across Southeast Asia and Central Asia, earning recognition as VC of the Year in 2022.
