From the boxing ring to the senate to the business world. Boxing superstar-turned-legislator Manny Pacquiao is embarking on a new venture beyond his sports and political endeavors.
The 39-year-old senator, whose total net worth amounts to $200 million, entered the digital entrepreneurship space after investing in Singapore-based blockchain company Global Crypto Offering Exchange last month: an endeavor that allowed him to launch his own cryptocurrency called “PAC Coin.” Just last April 7, Pacquiao led the seed funding of local car rental firm Graventure, a digital platform that will connect users with car renting agencies. The website and mobile app is set to be launched by the third quarter of the year.
Using the platform, users can also coordinate with car owners for pick-up or delivery service, and pay directly through it.
“I like that Graventure will solve a problem that will help many Filipinos in Manila and across the country,” Pacquiao, who will also serve as the endorser of the company, was quoted as saying in a statement. “They will be able to find and rent a car much more easily, and that’s important. They can now focus on going places instead of surfing the web all day.”
As a startup, Graventure currently commands a following of 7,362 people on Facebook: a platform where it reaches out to car owners to become official partners:
In a message to SparkUp, Gracy Fernandez, managing director and co-founder, said there are currently about 300 car rental agencies in the country and the company seeks to tap “as many of them as possible” to register in the platform.
Car providers will take 85% of the payment for each car transaction while the remaining 15% goes to the company.
According to her, the digital service aims to “simplify, and in some cases automate” the struggles of car owners such as tracking rental inquiries on multiple websites, validating car renters, and collecting and receiving payment.
Kaiser Dapar, co-founder, said the platform will provide an “end-to-end solution” both to car owners and renters.
“Car renters will be able to find, book, and pay for the car that’s just right for them, while car providers will be able to post listings, manage bookings, and process payments to more efficiently manage what is essentially their small business,” Dapar was quoted as saying in the statement.