The listed investment arm of taipan John Gokongwei has launched its own venture capital fund to invest in technology startups seeking to enter or expand in Southeast Asia.
In a statement, JG Summit said it has budgeted an initial amount of $50 million for young businesses engaged in new media, retail, financial services and the consumer sector.
The new company, JG Digital Equity Ventures (JG DEV), will also focus on technology platforms that will power future industries, including digital health, data and logistics.
“Digital is a key pillar to JG’s future. There is no shortage of ideas in the digital space, so we must focus on a few big bets that generate the most value,”said Lance Gokongwei, CEO of JG Summit.
“JG is known to have very strong offline businesses. Our group is behind the pack in this digital journey, so our challenge is to leapfrog from where we are,” said JG DEV chief executive officer Bach Johann Sebastian.
JG DEV also plans to develop digital businesses and enter into joint ventures that benefit Cebu Pacific, Robinsons Retail, Universal Robina Corp. and Robinsons Land.