Grab Ventures To Boost Southeast Asia’s Tech Ecosystem
Grab , Southeast Asia’s leading online-to-offline (O2O) mobile platform, announced the launch of Grab Ventures, the company’s innovation arm aimed at discovering and growing Southeast Asia’s next generation of technology leaders, to promote innovation and digitization in the region.
Grab Ventures will work with private sector firms and government agencies in Singapore and across the region to support growth-stage technology companies by helping them develop and scale technologies that will solve transportation, logistics, food and payments challenges in Southeast Asia.
“As Grab turns 6, we are experiencing a period of solid growth. Grab is ramping up innovation in-house to scale faster as the leading O2O mobile platform in Southeast Asia . We’re always open to partnerships where it makes sense for our business, and will look to partner or invest in the right company that enables Grab to expand our business quickly, explore new technologies and build new capabilities.” – Group CEO and Cofounder, Grab, Anthony Tan.
The launch of Grab Ventures in conjunction with Grab’s 6th year anniversary marks a milestone in the company’s evolution beyond ride-hailing. Grab Ventures will allow Grab to rapidly develop new technology capabilities and build fast-growing businesses in-house, as Grab continues to add new services to its O2O mobile platform. GrabCycle, a marketplace for multiple personal mobility partners, is an example of an in-house venture that Grab nurtured and launched. Grab’s increasing ecosystem of services will also provide more income and growth opportunities for its network of driver, delivery and merchant partners.
Grab Ventures will also launch “Velocity”, an accelerator program for growth-stage startups looking to expand across Southeast Asia. Grab Ventures aims to be the partner of choice for startups looking to expand their business lines and geographic reach, as they will be able leverage Grab’s vast regional footprint, technical and market-specific operational expertise, varied ecosystem of products, such as GrabPay and GrabRewards, and network of drivers, delivery partners and merchants.
Grab Ventures will seek to partner with 8-10 growth-stage startups over the next 24 months and may invest in select startups that exhibit strong synergies with Grab. It will focus on partnering startups operating in sectors such as transport, food, logistics and financial services.
