Kickstart Ventures, Inc. to Manage New $150M Venture Capital Fund of Ayala Corp.

Kickstart Ventures, Inc., a wholly-owned subsidiary of Globe Telecom, was chosen by Ayala Corporation (AC) to manage its new $150 million venture capital fund to support startups pursuing innovations along key technology areas in data and analytics, machine learning, artificial intelligence, cloud computing, fintech, automation, real estate, retail, transport, energy, water, health and wellness, and food. The Ayala Corporation Technology Innovation Venture (ACTIVE) Fund is looking at a range of investments in Series A to Series C or early- to mid-growth stage across four key investment themes: (1) ‘A Frictionless Future;’ (2) ‘From Automation to Augmentation;’ (3) ‘Innovations in Real Estate;’ and (4) ‘A World of Plenty’.

As sole manager of ACTIVE Fund, Kickstart is responsible for seeking companies that offer innovative, scalable, sustainable solutions for the seamless integration of digital and traditional channels such as On-Demand Services, IoT, FinTech, Blockchain, E-Commerce and Omni-Channel as well as the automation and augmentation applications for Artificial Intelligence, Machine Learning, Robotics, Big Data and Analytics, and Cloud Computing.

Other target companies are those that provide green and inclusive technologies such as Clean Energy/Energy Storage/Distributed Energy, Environmental Tech/Waste Management; and smart technologies for homes, buildings, communities, property management, retail tech, and similar use cases.

“While ACTIVE Fund will invest in tech companies not only in the Philippines but also abroad, our focus will be on systems and solutions, rather than pure technology,” said Minette Navarrete, President of Kickstart. “Our investment themes reflect our perspective that technology and innovation are a means to positively influence the future we want to build rather than ends in themselves. By investing in solutions that can scale sustainably, and pairing equity with strategic support, we can put Ayala Corporation’s assets to work in a different way, forging a future that is frictionless, symbiotic, equitable, and boldly efficient,” she explained.

Kickstart was launched in 2012 to support the Philippine startup ecosystem and has so far made 39 investments in digital companies, supporting 83 founders across the Philippines, Indonesia, Singapore, Malaysia, United States, Canada, and Israel. ACTIVE Fund will be its third and largest fund to date.

Kickstart investments include Toronto-based startup Wattpad, recently in the news for having inked significant content deals with Sony Pictures Television, Singapore’s Mediacorp, and the Philippines’ Anvil Publishing; Indonesia’s C88, which announced a $28M Series C round last year; and the Philippines’ Coins.ph, which was recently acquired by Indonesia’s Go-Jek.

On the other hand, Globe President and CEO Ernest Cu reflects on how venture capital has become a vital part of Globe Telecom’s future. “Globe is animating its digital transformation via a corporate culture that is more entrepreneurial, more customer-focused and executing with speed and precision. We are engineering Globe to be more than a telco; it is now a platform upon which our business partners can grow, and individual consumers can depend on to provide access to the best digital lifestyle options. Corporate venture capital through Kickstart Ventures has been an important part of bringing more startup partnerships to Globe. We’re excited to work with Ayala Corporation to support the Group-wide digital transformation,” he said.

Earlier, AC announced the creation of ACTIVE Fund which leverages the breadth of the Ayala conglomerate—Ayala Corporation and affiliates Globe Telecom, BPI, Ayala Land, AC Industrials, Manila Water, AC Energy, and AC Infrastructure, which are also leaders in their respective fields.

“We offer more firepower, greater access, and the potential for partnerships across multiple industries through this one fund. It is simpler for potential investees to navigate and more collaborative for ourselves to operate,” said Ayala Corporation CFO Jose Teodoro Limcaoco.

Ayala Corporation Chairman Jaime Augusto Zobel de Ayala indicated the role he wants AC to play with the new business landscape, “The Group continues to thrive and grow, and our business units are serving the needs of more Filipinos than ever before. At the same time, we are well aware that new technologies and business models are disrupting established industries globally: the pace of innovation is astounding. We are determined that Ayala Corporation will play a role in the transformation of industries—not as a bystander, but as an innovation catalyst.”

The fund also builds on the optimism around the Philippines and Southeast Asia: a recent report co-authored by Google and Temasek predicts that the SEA region’s digital economy will triple to reach $240 billion by 2025; and the International Monetary Fund’s World Economic Outlook predicts that Philippine GDP per capita will breach US$4,000 for the first time in 2022, improving discretionary spend at both corporate and consumer levels, and opening opportunities for further investments in infrastructure, services, and products.

In view of global, regional, and national trends, Ayala is being well-positioned with digital capabilities across all its businesses as the Philippines and Southeast Asia economies grow.

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Minette B. Navarrete

President

Minette is Vice-Chairman and President of Kickstart Ventures, Inc., the corporate venture capital subsidiary of Globe Telecom.  She is a member of the Ayala Corporation’s Innovation Advisory Council, and of Globe’s Innovation Advisory Board.  She is a Senior Vice President at Globe Telecom, focusing on New Business, and a member of the Board of Directors of AdSpark, Globe’s wholly owned digital advertising subsidiary. 

Minette has held a number of CEO/COO positions in various industries, ranging from scrappy Philippine startups to iconic global companies.

Dan I. Siazon

Senior Vice-President & Treasurer

Dan is a co-founder as well as the Senior Vice-President and Treasurer of Kickstart Ventures, the corporate venture capital arm of Globe Telecom. He also concurrently supports Globe in M&A activities, which in the past have included acquisitions of Yondu (formerly Entertainment Gateway Group) and Bayan Telecommunications. Dan’s career track has mostly been in global tech-related companies, particularly in telecommunications, personal portable computers, and over a decade in tech venture investing with JAFCO Asia, with senior-level stints in key global markets including the US, Japan, Europe, Southeast Asia, and Australia.

Dan holds a BS in Mechanical Engineering from the University of Notre Dame, Indiana, USA, and dual master’s degrees from the University of Pennsylvania’s Lauder Institute in International Studies (MA) minoring in German studies, and the Wharton School of Business (MBA).

Joan Cybil Yao

Vice-President

Joan is Vice-President of Kickstart Ventures, the corporate venture capital arm of Globe Telecom. She is a member of the Kickstart Deal Team.

Prior to Kickstart, Joan was Investment Manager for Southeast Asia at LGT Venture Philanthropy, a global impact investing firm headquartered in Europe. For six years, Joan was primarily responsible for the sourcing, screening, execution, and management of LGT VP’s deals in the region. In 2015, Joan also served as a consultant to the Department of Trade and Industry of the Republic of the Philippines, advising the Office of the Secretary on matters related to MSME development, tech startups, innovation, inclusive business, and social enterprise.

Joan holds a BS in Management Engineering with a minor in English Literature, cum laude, from the Ateneo de Manila University, Philippines.

Bit Santos

Portfolio Director

Bit Santos is the Portfolio Director at Kickstart Ventures where he leads the efforts to support portfolio companies and to nurture the local startup ecosystem. He has been a software product development leader for more than 10 years.

Prior to joining Kickstart, he was the Chief Technology Officer of OLX Philippines, an online classifieds platform company. He was primarily responsible for the product and technology strategy and operations of the Philippine team, but he also worked on global and regional initiatives within the OLX Group.

Pia Angeli C. Bernal

Community Manager

Pia joined Kickstart Ventures in September 2012 as its manager for social enterprise investments. Beginning May 2017, she serves as Kickstart’s Community Manager where she oversees PR/communications and external relations with the startup ecosystem stakeholders and enablers.

Before Kickstart, Pia held key Corporate Social Responsibility (CSR) roles in both the not-for-profit and corporate sectors, specialising in resource mobilisation, project management and comms, employee volunteerism, community relations, and public-private partnerships. In Globe Telecom from 2006 to 2012, she owned the Education and Social Protection Services CSR portfolio, which saw the application of telco assets -- mobile, broadband, and value-add services -- to bridge resources to communities in need. This role in particular prepared her for Kickstart, as it allowed her to experiment and become an early adopter in the use of digital technology for public good at a time when smartphone and broadband adoption were still early, and the gains from the use of digital assets, technologies, and skills were still evolving. 

Pia holds a BA in Development Studies from the University of the Philippines in Manila, Philippines.

Frances Barsana

Business Development Manager

Frances Barsana is Kickstart’s Business Development Manager, who drives value creation in our portfolio companies by building strategic and commercial partnerships between best-in-class tech startups and top1000 corporations in the Philippines and in Southeast Asia.

With her deep understanding of both sides of the opportunity: the innovation and speed of tech startups, and the scale and stability of large corporations, Frances is the conduit for high-impact collaborations that help shape and define digital transformations within the ecosystem.

Frances was previously Business Development Director at PHAR Partnerships Singapore, an international media and marketing consultancy with offices in Europe, Asia, and the Middle East. She is a graduate of the University of the Philippines, Baguio where she majored in Journalism.

Camille Cua

Investment Associate

Camille joined Kickstart Ventures in 2014 and is a member of the Kickstart Deal Team, with a primary focus on making strategic investments into promising startups in the region and globally.

Camille seeks out entrepreneurs building the next generation of category-defining digital companies, who offer innovative solutions to deeply felt problems, especially in Southeast Asia. She is also responsible for Semaphore, a Kickstart-owned SMS API.

Camille holds a B.S. in Mathematics from Fordham University and is both a voracious reader and eater.

Janis H. Nolasco

Office Manager

Janis is Kickstart office manager and the designated grown-up(!) in view of her 15+ years of experience in office management systems and administration.

She holds a BS in Clinical Psychology from the Polytechnic University of the Philippines.

Merivita Marasigan

Accountant

Bavi is the Kickstart accountant.

She is a Bachelor of Science in Accountancy graduate from the University of Batangas in Southern Luzon and has 14 years’ worth of experience in accounting working with small and medium enterprises, manufacturing companies, and government agencies.

Ernest L. Cu

Kickstart Investment Committee Chairman; Globe CEO

Ernest is currently the President and Chief Executive Officer of Globe Telecom. Joining the company on 1 October 2008, he brings with him over two decades of general management and business development experience spanning multi-country operations. In 2010, he was declared Best CEO by Finance Asia and was conferred the International Association of Business Communicators Philippines (IABC/Philippines) CEO EXCEL Award for communication excellence in telecom and IT. In 2012, Ernest earned international accolade as CEO of the Year by Frost&Sullivan Asia Pacific.

Prior to joining Globe, he was the President and Chief Executive Officer of SPI Technologies, Inc., where he earned the Ernst & Young ICT Entrepreneur of the Year Award in 2003.

Ernest earned his Bachelor of Science in Industrial Management Engineering from De La Salle University in Manila and his Master of Business Administration from the J.L. Kellogg Graduate School of Management, Northwestern University.

Alberto M. de Larrazabal

Kickstart IC Member; Globe Chief Commercial Officer

Alberto de Larrazabal is the Chief Commercial Officer of Globe.

As CCO, Albert drives the integration and execution of Globe’s strategies across all commercial units, including marketing, sales and channels, and product development for all segments of business. He joined Globe in 2006 as Head of the Treasury Division and became Chief Finance Officer in April 2010. Albert has had over two decades of extensive experience as a senior executive in Finance, Business Development, Treasury Operations, Joint Ventures, Mergers and Acquisitions, as well as Investment Banking and Investor Relations.

Prior to joining Globe, he held positions such as Vice President and Chief Finance Officer of the Marsman-Drysdale Corporation, Vice President and Head of the Consumer Sector – JP Morgan (Hong Kong), and Senior Vice President and Chief Finance Officer of San Miguel Corporation.

Minette B. Navarrete

Kickstart IC Member; Kickstart President

Minette is Vice-Chairman and President of Kickstart Ventures, Inc., the corporate venture capital subsidiary of Globe Telecom.  She is a member of the Ayala Corporation’s Innovation Advisory Council, and of Globe’s Innovation Advisory Board.  She is a Senior Vice President at Globe Telecom, focusing on New Business, and a member of the Board of Directors of AdSpark, Globe’s wholly owned digital advertising subsidiary. 

Minette has held a number of CEO/COO positions in various industries, ranging from scrappy Philippine startups to iconic global companies.

Peng T. Ong

Kickstart IC Member

Peng T. Ong is a Managing Director at Monk’s Hill Ventures, a technology venture fund. He sits on the boards of YY Inc. and Singapore University of Design & Technology, and also on the advisory board of the Chancellor of the University of Illinois.

Until recently, Peng was also on the boards of SingTel and Singapore’s National Research Foundation, and chaired Infocomm Investments. Peng founded Match.com (bought by IAC), Interwoven (now part of HP), and Encentuate (acquired by IBM).

The businesses he created now generate annual revenues that total more than US$1 billion. He has a master’s in Computer Science from UIUC and a BSEE from UT Austin. Peng is also an avid audiophile.

Myla Crespo-Villanueva

Kickstart IC Member

Myla Crespo-Villanueva is a technology entrepreneur. She has founded five startups and corporations in Asia over the past twenty-five years, and is a leader in the Philippine IT industry.

She is Managing Director of MDI , a pioneer and leading systems integrator and distributor for Dell, Cisco, IBM, Juniper, VMWare, Fireeye in the Philippines. MDI has introduced many innovations and firsts in its proud history.

Myla co-founded Wolfpac in 1999, a pioneer in Mobile Value-Added Applications and Services during the growth spurt of mobility in Asia. She also founded Meridian Telekoms in 2000, the first nationwide broadband wireless internet provider serving 7,100 islands. In 2005-2006, both companies were acquired by Smart Communications , the incumbent telecommunications company in the country with over 65 millions subscribers.

After acquiring two of her companies, Myla represented Smart Communications in the GSM Association in 2005-2010. GSM Association is the industry trade body representing 800 operators in more than 220 countries. She was part of its Executive Management Committee and was also named Chairperson of the GSMA Mobile Innovation Forum from 2007 to 2009, which linked an ecosystem of Venture Capital, Telecom Operators and mobile technology startups.

Myla was named Woman Entrepreneur of the Year in 2004, by the Entrepreneur of the year program of Ernst and Young, Department of Trade and Industry, Philippine Stock Exchange, Bankers Association of the Philippines and the Philippine Securities Exchange Commission. She was also named one of the Ten Outstanding Women in the Nation’s Service or TOWNS in 2010 for her pioneering work in the use of Information Technology in nation-building.

In 2006, she co-founded Novare Technologies with Craig Ehrlich, former GSMA Chairman and Mohan Gyani, former CEO of ATT Wireless. Novare is a consulting and solutions provider for telecommunications and banking in areas of customer lifecycle management, transformation technologies and mobility.

She is Regional President for Asia Pacific of the Global Telecom Women’s Network (GTWN), a global organization spearheading a yearly forum of for executive women active in telecommunications to ‘network’ and discuss current issues in the industry. Recently, she was also appointed as one of the chapter founders of Women Corporate Directors (WCD) in the Philippines.

Myla is a trustee of Go-Negosyo, which advocates entrepreneurship among Filipinos. She was a technical advisor to the PPCRV Chair (Philippine Pastoral Council for Responsible Voting) in the first-ever automated election in 2010 and is now part of the Board of Trustees.

She is a graduate of Santa Clara University, CA with a BS in Economics. Myla is married to Jun Villanueva with two children, Blanca 18, and Luis, 12.

Alberto M. de Larrazabal

Chairman of the Board

Alberto de Larrazabal is the Chief Commercial Officer of Globe.

As CCO, Albert drives the integration and execution of Globe’s strategies across all commercial units, including marketing, sales and channels, and product development for all segments of business. He joined Globe in 2006 as Head of the Treasury Division and became Chief Finance Officer in April 2010. Albert has had over two decades of extensive experience as a senior executive in Finance, Business Development, Treasury Operations, Joint Ventures, Mergers and Acquisitions, as well as Investment Banking and Investor Relations.

Prior to joining Globe, he held positions such as Vice President and Chief Finance Officer of the Marsman-Drysdale Corporation, Vice President and Head of the Consumer Sector – JP Morgan (Hong Kong), and Senior Vice President and Chief Finance Officer of San Miguel Corporation.

Ernest L. Cu

Board Member

Ernest is currently the President and Chief Executive Officer of Globe Telecom. Joining the company on 1 October 2008, he brings with him over two decades of general management and business development experience spanning multi-country operations. In 2010, he was declared Best CEO by Finance Asia and was conferred the International Association of Business Communicators Philippines (IABC/Philippines) CEO EXCEL Award for communication excellence in telecom and IT. In 2012, Ernest earned international accolade as CEO of the Year by Frost&Sullivan Asia Pacific.

Prior to joining Globe, he was the President and Chief Executive Officer of SPI Technologies, Inc., where he earned the Ernst & Young ICT Entrepreneur of the Year Award in 2003.

Ernest earned his Bachelor of Science in Industrial Management Engineering from De La Salle University in Manila and his Master of Business Administration from the J.L. Kellogg Graduate School of Management, Northwestern University.

Minette B. Navarrete

Board Member

Minette is Vice-Chairman and President of Kickstart Ventures, Inc., the corporate venture capital subsidiary of Globe Telecom.  She is a member of the Ayala Corporation’s Innovation Advisory Council, and of Globe’s Innovation Advisory Board.  She is a Senior Vice President at Globe Telecom, focusing on New Business, and a member of the Board of Directors of AdSpark, Globe’s wholly owned digital advertising subsidiary. 

Minette has held a number of CEO/COO positions in various industries, ranging from scrappy Philippine startups to iconic global companies.

Peng T. Ong

Board Member

Peng T. Ong is a Managing Director at Monk’s Hill Ventures, a technology venture fund. He sits on the boards of YY Inc. and Singapore University of Design & Technology, and also on the advisory board of the Chancellor of the University of Illinois.

Until recently, Peng was also on the boards of SingTel and Singapore’s National Research Foundation, and chaired Infocomm Investments. Peng founded Match.com (bought by IAC), Interwoven (now part of HP), and Encentuate (acquired by IBM).

The businesses he created now generate annual revenues that total more than US$1 billion. He has a master’s in Computer Science from UIUC and a BSEE from UT Austin. Peng is also an avid audiophile.

Rizza Maniego-Eala

Board Member

Rizza is the Chief Finance Officer, Treasurer and Chief Risk Officer at Globe Telecom.

She joined Globe in February 1998: her previous positions in the company included being an Assistant Vice-President for Financial Planning and Analysis, President of G-Xchange Inc. (mobile-commerce subsidiary), and Senior Vice President for International Business.

She has had extensive experience in financial planning and analysis, capital markets fund raising, joint ventures, mergers and acquisitions, investor relations, strategic planning, business development, and setting up and managing start-ups.

Prior to joining Globe, Rizza was Deputy Research Head for Natwest Markets. She earned her Bachelor of Arts in Management Economics from the Ateneo de Manila University.

Vince G. Tobias

Strategy & Partnerships Director

Vince Tobias joins Kickstart as Director of Strategy and Partnerships reporting to Kickstart president Minette Navarrete. This will be concurrent to his role as head of Ayala Innovation, which he has led since its beginnings in 2012. Outside the Ayala walls, he has been a pioneer of the nascent corporate innovation community, and has been onstage in  dozens of key international conferences, alongside other leading thinkers and practitioners. Vince serves on the Board of Directors of the Global Innovation Management Institute (GIMI), the world-wide standard professional certification body, with the mission of developing innovation management as a management discipline, while democratizing innovation capability and catalyzing corporate culture.

Vince draws from eight years of management consulting experience — most recently with the Monitor Group, a top-tier strategy and innovation consulting firm founded by Harvard Business School Professor Michael E. Porter; and much earlier with Arthur Andersen’s Strategy Consulting practice in the Philippines, across the Asia-Pacific, and with AA’s Revenue Enhancement Competency Center headquartered in Chicago.

Vince also takes from experience in the startup world, where has led scale-ups internationally: as Managing Director (Malaysia) of K2, a pioneer digital agency now part of media giant the Publicis Groupe; as Regional Manager (Asia) of Intermedia Games UK, then the world’s biggest creator of cross-channel interactive games; and as co-founder of companies in the media, computing, and energy spaces.

Paolo B. Monteiro

Innovation Associate

Paolo “Monty” Monteiro joins Kickstart as Innovation Associate reporting to Vince Tobias, while continuing his role at Ayala Innovation where he helps drive disruptive thinking through trend analysis and new opportunities research; capability-building activities; and by organizing and participating in various internal and external innovation events, including Ayala’s annual Spark Innovation Conference. Monty also works with the Ayala Corporate Strategy team for special projects, group-wide strategic initiatives, and supports communications requirements of the Ayala leadership and Group Mancom.

Prior to joining Ayala in 2016, he was with the Makati Business Club for five years, where he specialized in communications, project management, and policy research and advocacy. During the Philippines’ hosting of the 2015 APEC Conference, he was appointed one of the leads of the Philippine youth delegation to APEC’s Voices of the Future Program and helped draft the APEC youth declaration statement.

Monty holds a  bachelor’s degree in Legal Management from the Ateneo de Manila University and studied on exchange at Mahidol University International College in Thailand.

Prior to joining Ayala in 2016, he was with the Makati Business Club for 5 years, where he specialized in communications, project management, and policy research and advocacy.

He earned his bachelor’s degree in Legal Management from the Ateneo de Manila University and studied on exchange at Mahidol University International College in Thailand. During the Philippines’ hosting of the APEC Conference in 2015, he was selected to be one of the leads of the Philippine youth delegation to the APEC Voices of the Future Program, where he was also part of the international team that drafted the conference’s youth declaration.

Jecky G. Pelaez

Legal Consultant

Jecky is Kickstart’s Legal Consultant, providing legal advisory and consultancy in areas such as company operations and systems, human resources, and corporate and regulatory compliance. He also supports the Kickstart Deal Team in deal screening, investment analysis, and due diligence.

Prior to Kickstart, Jecky was a lawyer with Siguion-Reyna, Montecillo & Ongsiako Law Offices and with Picazo, Buyco, Tan, Fider & Santos Law Offices, focusing on corporate and labor matters.

Jecky holds a BS in Management from the Ateneo de Manila University; a Juris Doctor from the University of the Philippines; and an MBA from the Said Business School, University of Oxford.