AirAsia sets up capital fund for startups in Southeast Asia
Malaysian budget airline AirAsia Group has introduced an adventure capital fund in the US to invest in startups seeking to enter or expand their presence in Southeast Asia.
(Second from left) AirAsia Group CEO Tony Fernandes, CEO and Co-Founder 500 Startups Christine Tsai, and AirAsia Deputy Group CEO (Technology and Digital) Aireen Omar flanked by cabin crew. (Source: newsroom.airasia.com)
Hanoi (VNA) – Malaysian budget airline AirAsia Grouphas introduced an adventure capital fund in the US to invest in startups seeking to enter or expand their presence inSoutheast Asia.
RedBeat Capitalfocuses on startup companies in travel and lifestyle, logistics and financialtechnology, along with artificial intelligence,the internet of things and cybersecurity.
AirAsia willinitially provide about 10 million USD to the fund, which has invested in anumber of companies.
Currently,AirAsia is a partner of 500 Startups, a startup accelerator based in SanFrancisco, the US.
According to AirAsia,RedBeat Capital will have its headquarters in San Francisco.
As a pioneer inlow-cost air transport in Asia, AirAsia is expanding its business to payment,logistics, food and customer services.
Last week,AirAsia revealed losses in the fourth quarter of 2018, its first loss in morethan three years due to higher fuel and rent costs. Currently, revenue fromsectors other than aviation contributes about 20 percent to AirAsia’s total income.-VNA
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(Second from left) AirAsia Group CEO Tony Fernandes, CEO and Co-Founder 500 Startups Christine Tsai, and AirAsia Deputy Group CEO (Technology and Digital) Aireen Omar flanked by cabin crew. (Source: newsroom.airasia.com) 
