Mirae, Naver choose Grab as first start-up investment

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Mirae, Naver choose Grab as first start-up investment

A start-up fund jointly set up by Mirae Asset Financial Group and Naver has invested $150 million in the Southeast Asian ride-hailing app Grab, the companies said on Thursday.

The investment is part of $2 billion in funding raised by Singapore-based Grab from global investors including OppenheimerFunds, China’s Ping An Capital and Macquarie Capital, Mirae Asset said.

Mirae Asset and Naver set up the fund in March to bankroll start-ups in Asia, and Grab is the fund’s first investment destination.

Grab, which operates in eight countries in Southeast Asia, is seeking to expand into food delivery, mobile payments and financial services.

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