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Business deals

Myanmar conglomerate's VC arm seeks Indonesian co-investors

UMG Idealab looks to team up with local peers to nurture AI startups

As many as half of UMG Idealab's investments have come from Indonesia, where it invests between $50,000 and $1 million per deal. (Website screenshot)

JAKARTA -- UMG Idealab, the venture capital arm of Myanmar trade conglomerate UMG Group, says it seeks potential co-investment opportunities with Indonesian VCs as it begins to explore investing beyond its pre-seed stage expertise.

"We are talking to fellow VCs for potential financing collaboration and also to scale up our potential," said UMG Idealab venture partner Jefry Pratama.

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