PM Equity Partner (PMEP), the venture capital and private equity arm of US-based tobacco manufacturer Philip Morris International, is looking to expand its reach into Southeast Asia, Tech in Asia reported on Thursday.
The fund plans to target early-stage startups and growth companies in the region that are looking to expand internationally, focusing on sustainability, human health and healthier fast-moving consumer goods.
PMEP also plans to launch a startup competition for companies based in Indonesia, Philippines, India, Vietnam, Thailand, Hong Kong and Singapore, as well as other countries in the region, that are developing supply chain services and fintech products.
Philip Morris International launched its strategic investment division in 2015 to target companies promoting healthier food and beverages, as well as startups producing reduced-risk tobacco products.
The unit seeks technologies that improve both the quality and quantity of agricultural products, companies operating in the digital health space, such as diagnostics and personalised medicine, and technologies that improve the understanding of and access to specific consumer segments.
PMEP has invested in nine companies outside of Asia according to its website, including indoor air purification technology developer Domisphere, liquid waste management platform operator TreaTech, corp monitoring technology producer Biovotion and medical device company Softhale.