Seedstar, a Swiss-based venture capital firm, announced the 94 local winners of Seedstars World 2020, its global startup competition, last Friday, November 27.
Medical marketplace startup MedHyve was selected to represent the Philippines and is moving on to the regional round, where it will compete against 18 other startups from Asia for a spot in the finals.
MedHyve is a digital platform that aims to connect medical institutions to suppliers for their medical equipment needs.
At this stage in the competition, each startup will go through a month-long program consisting of webinars on key business metrics, mentoring sessions, and pitch meetings, among other activities, to help it become investment-ready.
Ten startups will then be chosen to receive $50,000 in growth program investment and will move on to the finals for a chance to win the grand prize of $500,000 in equity funding.
“With the development of technology, a surge in internet adoption, and a fast-growing market, new entrepreneurs are capturing these opportunities by using technologies to solve our daily problems,” said Giovanni Corradini, Seedstars Asia regional manager.
“It has never been so hard to only select one winner in each ecosystem we have covered across Asia-Pacific, and this is a terrific indicator of the quality of startups raising from the region.”
The local event for the Philippines was organized in cooperation with QBO Philippines, Philippine Startup Week, and the Department of Trade and Industry. – Rappler.com