Technology

Let’s get digital! Find out the 4 startups which got funding from Gokongwei’s $50M venture capital fund in 2020

Bilyonaryo Lance Gokongwei has picked four startups for funding under JG Summit’s $50 million venture capital fund..

The startups chosen from over 100 applicants assessed by JG Digital Equity Ventures (JGDEV) in 2020 are:

• iPrice, a Malaysia-based e-commerce enabler with operations across Southeast Asia. It offers consumers a catalogue of five billion products and thousands of coupons to help shoppers make better buying decisions. iPrice is also an e-Commerce enabler in partnership with super apps like LINE and Home Credit, and online media such as Rappler PH, The Star MY and Today Online SG.

• Growsari, a B2B operator which helps sari-sari stores digitally procure goods at better prices and deliver the goods to them for free. It also helped the conversion of sari-sari stores into “community hubs” that serve as payment centers, ecommerce drop-off points, and Wi-Fi hotspots.

• Zyllem, a virtual logistics platform that allows companies to have real-time visibility and optimization over their logistics network. Its technology empowers businesses to build their own logistics network.

• ZUZU, an all-in-one hotel operating system which provides a revenue management system and a distribution solution for independent hotel operators.

Last February, JG also invested in Tyme, one of the world’s leading digital banking networks for emerging markets. Its bank in South Africa, TymeBank, has attracted 2.8 million customers to its digital banking platform since its launch in early 2019.

JG did not reveal how much of the JDEV’s $50 million was funneled into these ventures.

Gokongwei is on the hunt for “sustainable and scalable fintech start ups that would have an impact in the Southeast Asian market and create value to the JG Summit’s ecosystem.”
This is part of his vision to make JG Summit one of the biggest digital conglomerates in the Philippines.

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