LOOKING to take the plunge into technology and digital venture capitalism, Megaworld Corp. is set to create a wholly-owned digital investment arm, which would head the company’s digital ventures and investments.
This, as it takes advantage of opportunities that presented itself due to changes in consumer behavior influenced by the digital age.
This wholly-owned subsidiary, AGILE Digital Ventures Inc., will invest and build technology start-ups, which will serve to support the country’s food, retail and hospitality industries.
In a statement, the Andrew Tan-led property firm said it has initially allocated a three-year capital expenditure of $5 million (approximately P250 million) to build its first start-up project for three years.
In late July, AGILE launched Pick.A.Roo, a grocery and food delivery service app that focuses on high quality products, which is carefully screened by the platform and considered essential.
Such products range from groceries and luxury hotel items to gadgets; home and kitchen appliances, toys, pet care, school and office supplies; personal care, medicines, and food.
The service has partnered with over 300 merchants and brands that provide the products, and is set to roll-out in August this year though on beta test mode.
Customers may order their products and have it delivered on-demand, or on a later schedule. They have the option of receiving their orders through regular delivery, drive-through, or pick-up.
Pick.A.Roo was the result of the collaboration between Megaworld Chief Strategy Officer and AGILE President Kevin Tan, and former country chief of Honestbee Philippines Crystal Gonzales.
“Our main goal is to help retailers smoothly migrate to the digital platform especially during this challenging time. Since 2018, we have been looking for investment opportunities on an app that will enable our retail partners sell and deliver their products online and on-demand. We have talked to several potential partners, but eventually, we decided to build our own,” Tan said in the statement.
“We started from scratch to build our first start-up brand. Aside from the technology itself, we put focus on operations which will be integral to the success of every brand that we create,” he added.
Aside from Pick.A.Roo, Megaworld said they are also looking for other investment opportunities in digital technology platforms, which would boost Megaworld’s core businesses.
Article and Photo originally posted by The Manila TImes last August 11, 2020 and written by Faye Almazan.