Conglomerate UMG's accelerator and incubator aims to close a $100m fund by 2022 with help from external backers to support its portfolio through growth rounds.
UMG Idealab, the corporate venture capital vehicle set up by Mynamar-based conglomerate UMG Group, is preparing to raise a $100m fund, UMG founder and chairman Kiwi Aliwarga told DealStreetAsia today.
The unit was formed by UMG in 2015 and has so far predominantly taken part in pre-seed to series A-stage deals, though it announced its intention to expand into later-stage investments in late 2019.
The additional capital is being raised in order to support portfolio companies as they move…
