Ramping up Investment in Overseas Startups
Shinsegae Group is ramping up overseas investment through its venture capital unit Signite Partners, which was established in 2020.
Signite Partners announced on Feb. 16 that it has invested in Grab, a Southeast Asian car hailing, delivery and financial services platform.
Grab is a company called an "Uber in Southeast Asia.” It started with a car hailing service in 2012 and has expanded its business to food, food delivery, and financial services. It provides services in eight Southeast Asian countries including Singapore, Indonesia, Vietnam and Thailand, and its smartphone application has recorded more than 214 million downloads.
Since its launch in July 2020, Signite Partners has invested in startups, starting with its investment in U.S. fashion company "Entireworld." Until now, it has invested in A-Bly Corp., a fashion technology company, and Homes Co., a real estate development and lease management company.