Procter & Gamble (P&G) announced it’s committing S$12 million (US$8.8 million) to develop new businesses in Singapore.
The investment is inclusive of a seed fund of S$8 million (US$5.8 million) for intrapreneurs to run experiments and collaborate with Singapore-based enterprises.
P&G aims to grow at least three new businesses that are created, validated, incubated, scaled, and globally headquartered in Singapore.
A skincare researcher at the Singapore Innovation Center assesses the ability of a skincare formula using a custom imaging equipment / Photo credit: Procter & Gamble
The investment comes via GrowthWorks, the venture-building unit of P&G that aims to support new brands, technology platforms, and business models.
The unit was created through a partnership between Singapore’s Economic Development Board and P&G’s innovation center, which was established in 2014 with an initial investment of S$250 million (US$184 million).
Editing by Charmaine de Lazo
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