Gokongwei group to invest $50 million more in digital push

ABS-CBN News

Posted at May 10 2019 12:08 PM

Gokongwei group to invest $50 million more in digital push 1
JG Summit Holdings CEO Lance Gokongwei speaks to reporters. JG Summit's JG DEV is leading to conglomerate's digital shift, with $50 million earmarked for investments. Mark Demayo, ABS-CBN News/File

MANILA - The Gokongwei group said Friday it would form a company dedicated to pursue digital ventures, with $50 million (P2.6 billion) set aside for investments in Southeast Asia.

JG Digital Equity Ventures will invest in startups to "augment or disrupt" its core businesses. It will focus on companies engaged in digital health, data and logistics, JG Summit Holdings said.

"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 CEO Lance Gokongwei. 

Funds will be deployed for "early stage" startups and successful companies raising capital at later stages, JG Summit said. 

JG Summit said it invested at least $40 million in startups such as Shopee operator SEA Limited and Cashalo. 

JG DEV will also develop in-house businesses and joint ventures to aid Cebu Pacific, Robinsons Retail, Universal Robina Corp and Robinsons Land. 

“Given the unique combination of the JG's extensive ecosystem, massive customer base and its forward-thinking leadership, I’m confident that JG DEV will emerge as a digital leader in Asia,” said JG Dev chief operating officer Ian Estrada.