Globe’s corporate venture builder exploring new business opportunities

917Ventures, the country’s largest corporate incubator owned by the Ayala family’s Globe Telecom, has teamed up with AC Ventures to seize new opportunities and grow its ecosystem.

Under the partnership, AC Ventures will participate in funding the research, development, and launch of 917Ventures’ new business ventures.

AC Ventures is a wholly owned subsidiary of Ayala Corp. which serves as the conglomerate’s platform for its investments in adjacent businesses that are complementary to its existing portfolio as well as in emerging trends and innovative businesses.

“We can leverage the ecosystem and network advantage that they provide to solve the pain points of consumers and businesses. Through digital solutions, we can help pave the way and deliver indelible value to the Philippines and the Asia-Pacific region,” 917Ventures managing director Vince Yamat said.

The partnership with AC Ventures is also seen to further accelerate both the quantity and quality of 917Venutures’ future companies as the unique advantages now encompass the broader Ayala group, including real estate, banking, power, healthcare, and logistics.

“With its strong track record of developing startups to achieve scale and profitability, we believe that 917Ventures is the natural vehicle for Ayala’s digital ventures,” AC Ventures president Alberto de Larrazabal said.

917Ventures has successfully spun-off nine new companies since its inception in 2019, including HealthNow and PureGo.

Judge says Twitter-Musk trial still on track

The judge presiding over Twitter’s legal battle to hold Elon Musk to his $44-billion buyout deal said Wednesday the case was still on course for trial — despite the billionaire’s apparent U-turn.