917Ventures, described as the largest corporate venture builder in the Philippines, is set to close applications for its first cohort of Velocity, a three-month bootcamp open to founders in Southeast Asia. Announced in November 2020 as a venture-building program focused on FinTech, E-Commerce, HealthTech, and AdTech, Velocity by 917Ventures is also open to ideas within other verticals as well.

“We have structured Velocity in a way that really puts talents first. We’re here to support and help venture builders create successful businesses that would progress on to ultimately becoming a standalone entity with bright growth prospects. We aim to support venture builders in their journey to realizing their dreams and thus, encourage interested parties to build their first unicorn with us,” said Vince Yamat, Managing Director of 917Ventures, in a media release during the launch.

917Ventures will be accepting applications up until March 28, 2021. The venture builder will then review all entries and announce the confirmation of accepted teams/founders on April 19, 2021. The three-month bootcamp will provide programs to help founders build their startup. The benefits of the program include $514,000 in initial funding (PhP 2.5 million) funding, guidance in product and tech development, operational support, and access to the assets of two of the Philippines’ largest companies, Globe Telecom and Ayala.

The program’s first month will help Velocity’s participants build their minimum viable product (MVP). The next two months will move towards helping builders move their solution out into the market and refine their value proposition. By the end of the program, Velocity aims to help venture builders launch their startups and start their Seed funding round. The firm projects possible Seed round fund values of up to $2 million (PhP 100 million).

Apart from the funding, one of the bigger benefits for participants is the network access they can gain from 917Ventures backers Globe Telecom and the Ayala Group. With Globe alone, founders will have access to an 80 million user base, 150,000 enterprise partners, and access to some of the company’s assets.

917Ventures rebranded from Globe Capital Venture Holdings Inc. (GCVHI) in 2019. GCVHI remains as its corporate entity, however, which is a wholly-owned subsidiary of Globe Telecom. Notable portfolio companies include Mynt, which runs the successful digital wallet Gcash.

TechNode Global has reached out to 917Ventures for a Q&A to be posted at a later date.