Thailand-based property developer Ananda Development has set up a corporate venturing subsidiary called Ananda Urban Tech, DealStreetAsia reported yesterday.
The unit will make strategic investments in global funds as well as in startups developing technology or services that can enhance the quality and efficiency of urban living.
Areas Ananda Urban Tech will cover include housing, health, finance, travel and work. The company intends to finalise the amount of capital it will provide for each activity later this year.
The investments will be made alongside backing for local incubators and accelerators in order to support a startup ecosystem which Ananda can use to access technology, ideas and expertise.
Chet Yong has been appointed chief innovative officer of the company and will work with chief strategic development officer John Millar.