Signite Partners (Shinsegae International)
Signet Partners, Shinsegae Group’s corporate venture capital firm, announced Tuesday that it had made an investment in the Singapore-based ride-hailing and food delivery app Grab.
Explaining the decision, the firm said the app attracts millions of users every day, while noting the growth of mobile platforms in the Southeast Asian region. It did not disclose the amount of its investment.
“We will continue to discover and invest in promising startups at home and abroad as well as creating various opportunities to generate synergy with startups,” one official at Signet Partners said.
Grab has been described as a “super app,” providing multiple services that people use every day, ranging from food delivery to financial services. The app is currently available in eight countries, including Singapore, Indonesia, Vietnam and Thailand, and has racked up over 214 million mobile downloads.
The venture capital, which was founded in July, chose up-and-coming US fashion brand Entireworld as the first overseas company to invest in last year, citing its potential to gain popularity among millennials and Gen Z consumers and possible collaboration with Shinsegae Group.
Other companies in which Signet Partners has invested include South Korean fashion tech company Ably Corporation and lifestyle company Homes.
By Yim Hyun-su (firstname.lastname@example.org