MANILA -The Gokongwei family conglomerate, JG Summit Holdings, rolled out a second $50-million investment fund to tap business startup opportunities.
In its 2022 annual report, JG Summit said its venture capital (VC) arm, JG Digital Equity Ventures (JGDEV), rolled out its DEV Fund 2 after fully deploying its $50-million Dev Fund 1 last year.
Notable investments in 2022 include Locad, a startup logistics technology platform that allows online retailers to automatically store, pack and ship orders.
Locad is led by former Entrego and Zalora executive Constantin Robertz. It also helps organize order fulfillment across warehouse and shipping partners in Singapore, the Philippines, Thailand, Hong Kong and Australia, according to JGDEV.
Last year, the group also invested in Wavemaker Impact, a venture capital firm focused on technology solutions that will reduce carbon emissions.
JG Summit said it remained keen on new investment opportunities despite “challenging market conditions” facing startup enterprises. Because of this, JGDEV “deployed capital more cautiously” last year, the report showed.
Backed startups
JGDEV has invested in 13 startups covering e-commerce, logistics and financial technology since it was launched four years ago. These include online grocery marketplace SariSuki, co-founded and led by former Grab Philippines country head Brian Cu, and Darwinbox, a technology startup focused on human resources management.
https://business.inquirer.net/270240/gokongwei-commits-50m-to-southeast-asian-tech-ventures
JGDEV targets “sustainable and scalable” businesses that bring strategic value to JG Summit, a P380-billion conglomerate with interests spanning real estate, food and beverage manufacturing, airlines, petrochemicals, telecommunications and energy.
The company’s investment committee is led by JG Summit chair James Go, president and CEO Lance Gokongwei and digital transformation office head Lisa Gokongwei-Cheng.
Also on the committee are JG Summit head of strategic investments Bach Johann “BJ” Sebastian, JGDEV CEO Elmer Malolos and JG Digital Capital Pte. Ltd. managing director Brian Go.
JG Summit earlier reported that net income in 2022 slipped to P700 million while revenues jumped 36 percent to P312.4 billion.
Its major businesses are food and beverage giant Universal Robina Corp., Robinsons Land Corp., Cebu Pacific and JG Summit Olefins Corp.
Its other core investments were Manila Electric Co., PLDT Inc. and Singapore Land Group.
JG Summit said core profits in 2022 doubled to P6.2 billion. INQ