Shinsegae Venture Capital 'Signite Partners' Invests in Southeast Asia's Leading Super App 'Grab'

[Asia Economy Reporter Seungjin Lee] Shinsegae Group's venture capital (CVC) Signite Partners announced on the 16th that it has invested in Grab, Southeast Asia's largest ride-hailing, delivery, and financial services platform.

Grab started as a ride-hailing service in 2012 and has expanded its business to include food and grocery delivery as well as financial services, becoming a representative super application (app) in Southeast Asia. A super app refers to an app that offers various lifestyle services. It currently operates in eight Southeast Asian countries including Singapore, Indonesia, Vietnam, and Thailand, achieving over 214 million mobile downloads.

Signite Partners decided on this investment by focusing on the fact that Grab is a service used by millions in their daily lives and that the Southeast Asian region is rapidly growing centered around mobile platforms.

Since its launch in July last year, Signite Partners has been investing across various business sectors and broad regions. Last year, it selected the promising U.S. fashion company 'Entireworld' as its first overseas investment destination.

Founded in 2018, Entireworld has quickly established itself as a popular brand among the global millennial generation by offering fashion products with reasonable prices and excellent quality. The company is led by globally renowned founder Scott Sternberg, solidifying the brand's identity primarily through online channels.

Signite Partners judged that Entireworld has great potential to grow into a brand adored by the global MZ generation and that various collaborations with Shinsegae Group are possible, leading to the investment. Based on this experience investing in overseas companies, Signite Partners plans to actively pursue global investments.

A representative of Signite Partners said, "We will continue to discover and invest in promising startups both domestically and internationally, as well as create various opportunities to generate synergy with startups."

Meanwhile, Signite Partners is a venture capital established by Shinsegae Group in July last year. It was founded to contribute to creating an industrial ecosystem where large corporations and startups coexist and develop, and to secure future growth engines through investments in promising startups at home and abroad. So far, it has invested in fashion tech company 'Able Corporation,' real estate development and leasing management company 'Homes Company,' Southeast Asian super app 'Grab,' and U.S. fashion brand 'Entireworld.'

This content was produced with the assistance of AI translation services.