Gharage, a subsidiary of Gebr. Heinemann, has announced its plans to provide pre-seed to Series A funding in retail startups in Singapore and across the Asia Pacific region. The team of experts, which includes creatives, researchers, entrepreneurs, strategists, and investors, will venture in brands that are focused on retail and travel.
Darren Soh, who has been appointed as the head of the Asia office since February, will lead the initiative. Soh was chosen for his extensive experience and knowledge in the tech industry, as well as his ability to manage huge portfolios while working at Singtel Innov8. Soh has a network of companies in the same industry, including venture capitals in Southeast Asia, which will be a great avenue for Asian businesses to compete with key players in the global market.
Lennard Niemann, Gharage Managing Director, has expressed excitement about the venture, stating that the investment in Singapore is made possible due to the emergence of companies being built from the ground up. He added that 64% of deal value across Southeast Asia is generated from companies in the country. Niemann believes that this venture will benefit the travel retail industry and will be good for innovation in the region.
Gharage, which is headquartered in Hamburg, Europe, has a diverse portfolio of quality, high-end brands. Its largest investment is Duffle, a digital shopping platform currently being used in Copenhagen. Duffle will go live in May and is expected to revolutionize the retail industry.
With Gharage’s extensive resources, the retail startups in Singapore and the Asia Pacific region will have access to more than enough funding to back their businesses. This will provide them with the necessary resources to compete with other players in the market and bring innovation to the industry.
The venture will not only benefit the industry but also provide opportunities for startups to grow and succeed in the global market.