Philippine-listed property developer Megaworld has officially announced its foray into digital technology investments with the launch of Agile Digital Ventures that has an initial allocation of $5 million.
In a disclosure to the Philippine Stock Exchange Wednesday, the Andrew Tan-led property giant said the launch of Agile Digital Ventures is Megaworld’s response to the opportunities brought about by changes in consumer behaviour and lifestyle.
Agile Digital Ventures will invest in the country’s food, retail, and hospitality startups, said Kevin Tan, chief strategy officer of Megaworld and President of the new arm.
Agile made its first investment in Pick.A.Roo, an on-demand premium lifestyle delivery app co-founded by Crystal Gonzalez, the former Philippine operations head of Singapore-headquartered grocery delivery app Honestbee.
Gonzales now sits as a chief operating officer and board member at Agile while Tan is a co-founder at Pick.A.Roo.
The homegrown app allows customers to purchase products ranging from food, gadgets, hardware, kitchenware, children’s toys and stuff, pet care, personal care, medicines, office and school supplies, hotel dishes, liquor, and COVID-19 essentials from over 300 local and international merchants.
The orders can be delivered on-demand or on a later schedule.
Aside from Pick.A.Roo, Agile is also looking for other investment opportunities in digital technology platforms that will further boost Megaworld’s core businesses, according to Tan.
Kevin Tan is the son of Philippine business tycoon Andrew Tan, the chairman and founder of Megaworld. The real estate giant has 26 townships and mixed-use communities around the Philippines, composed of over 700 residential developments, over 60 office towers, 20 lifestyle malls, and 11 hotels.
With Agile Digital Ventures, Megaworld now joins a number of Philippine conglomerates that are venturing into the venture investments.
Last year, Philippine-listed conglomerate Ayala Corporation launched a $150-million fund that invests globally in new technologies, particularly in e-commerce, fintech, and healthtech. The fund – Ayala Corporation Technology Innovation Venture (Active Fund) – is managed by Kickstart Ventures.
Another listed conglomerate, JG Summit Holdings, also launched a $50-million arm – JG Digital Equity Ventures – to invest in Series A and B rounds of Southeast Asian digital and emerging tech startups.