Conglomerate JG Summit Holdings Inc. is earmarking an additional $50 million to invest in more startups within Southeast Asia under newly-formed JG Digital Equity Ventures, the group’s next-generation digital business and venture investment arm.
JG Summit said in a statement Friday it aimed to build its next-generation digital business through JG DEV, which would develop digital ventures, invest in emerging technologies and harness promising talents across the region.
“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 JG Summit Holdings chief executive Lance Gokongwei.
JG DEV will focus on industries that intersect with the conglomerate’s ecosystem, especially in data, financial services, consumer, new media, logistics and digital health sectors.
It will invest in startups that will augment or disrupt its core businesses.