UMG Idealab, the Indonesia-based corporate venturing unit of Myanmar trade conglomerate UMG Group, will expand beyond its existing pre-seed investment strategy.
UMG said it would co-invest with venture capital firms to explore investing beyond its expertise, according to news provider DealstreetAsia.
UMG Idealab has backed more than 50 companies since 2015 in Myanmar, Thailand and China and, primarily, Indonesia.
Its portfolio companies include health tech startup ProSehat, travel marketplace SelenaGo, agritech company Crowde, chatbot developer Botika, speech processor BahasaKita, AI venture Widya.ai and e-fishery startup Aruna.
