Philip Morris Equity Partner (PMEP), the corporate venture capital unit of Philip Morris International, has announced that it is searching for startup companies in Southeast Asia so that it can invest in them. The fund told has informed everyone that it is talking with startups in the south-east region, and these startups have ambitions to expand their business.
This outlook is immensely significant for large corporates like PMI, that favors “scalable solutions across geographic markets and it significantly increases the addressable market, which in turn makes it a more compelling investment case from an investor perspective,” the company said in a statement.
In addition, PM Equity Partner is looking to launch a startup competition. The main markets for this competition are Philippines, Indonesia, India, Hong Kong, Thailand, Vietnam, and Singapore. However, startup companies across Asia are eligible to apply for the competition.
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PMEP is a mainly a corporate venture capital and private equity investment arm of PMI (Philip Morris International). Outside of Asia, PM Equity Partner(PMEP) has almost ten portfolio companies. The Swiss-based fund was founded 2015. Its goal is to invest in entrepreneurs who share the vision of profitable sustainability.
On the other hand, PMI (Philip Morris International) is one of the big names in the world of the tobacco business.
Almost 77,000 people work for PMI. The workforce is massive, and they have people from all over the world. One of the main goals of the company is to fight the illegal cigarette trade and to produce smoke-free products. More than 400 R&D scientists, engineers and technicians are working on smoke-free products This is where the company is doing something unique. It is trying to replace cigarettes with smoke-free products.
