The wholly-owned investment arm of GMA Network Inc. is venturing into the profitable healthcare industry through a partnership with Wavemaker Three-Sixty Health, a leading venture fund based in the US.
The partnership between GMA Ventures Inc. and Wavemaker 360 will foster greater innovation in the global health-tech industry by discovering the most promising healthcare entrepreneurs in the Philippines and helping them expand to the United States, while simultaneously helping US-based early-stage healthcare companies expand to Southeast Asia.
“Our partnership with Wavemaker 360 will allow us to enter a hugely profitable segment of healthcare,” said Atty. Felipe Gozon, chairman and chief executive of GMA Network and GMA Ventures.
“The Philippines is on an upward trajectory in terms of healthcare innovation, and we are thrilled to have Wavemaker’s team of healthcare experts as our partner in evaluating and funding budding startups at the intersection of healthcare and technology,” he said.
GVI is taking the lead on the initiative, consistent with its commitment to grow the Philippine economy and increase shareholder value.
“We believe this unique partnership will forge a strong pathway of success for healthcare technology startups in the Philippines and essentially bridge the nearly 10,000-mile healthcare gap between the two countries,” said Jay Goss, general partner of Wavemaker 360.
“The health-tech industry is starting to boom in the Philippines and there’s a growing need for new ideas, innovative companies and business leaders who want to make an impact. We’re eager to find and support the Philippines’ next wave of healthcare entrepreneurs and working with GMA Ventures is an ideal jumping off point for us,” Goss said.
Wavemaker 360 has a robust portfolio of healthcare companies in the United States and a proven track record of growing companies from early-stage ideas to large-scale global businesses.
The joint effort with GMA Ventures will enable Wavemaker 360 to gain more expertise and navigate the healthcare system in the Philippines and its surrounding areas, to support its global portfolio.
Wavemaker 360 already funded companies that are planning expansion to Southeast Asia, and the Philippines is officially on that roadmap thanks to the GMA Ventures partnership.