Singapore technology platform Grab is rolling out the GrabForGood Fund to assist its Southeast Asian drivers, merchants, and delivery partners in elevating the overall quality of life in their communities.
Grab Group CEO and Co-Founder Anthony Tan said in a Thursday (April 8) press release that since its founding almost 10 years ago, the food delivery and ride-hail startup has been steadfast in its mission of “creating economic empowerment” across the Southeast Asian region.
“The GrabForGood Fund will be a key pillar of our efforts to uplift Grab partners and our broader community, and represents a meaningful next step in our long-term commitment to Southeast Asia,” said Tan.
The company will seed the fund with $50 million in cash and $200 million in anticipated value of Grab shares. Tan, Co-Founder Tan Hooi Ling, and company President Ming Maa have all pledged to donate an estimated combined $25 million of Grab shares. The total initial fund size is expected to be $275 million, based on today’s value expectations.
“The GrabForGood Fund will commence immediate work on meeting the urgent need for Covid-19 vaccines, where it’s not easily available,” Tan said. “Over time, we’re planning to introduce other programs that will provide the foundation for social and economic mobility, and give more people access to opportunities to upgrade and improve their lives. Our aspiration is to create lasting positive impact in every country we operate in.”
The fund is intended to offer financial support to a variety of initiatives designed to bring long-term social and environmental improvements. An advisory board will be created to ensure the broader Southeast Asian communities are adequately served.
Grab announced on Wednesday that it was planning to go public via one of Altimeter Capital’s two special purpose acquisition companies (SPACs). The merger deal gives Southeast Asia’s most valuable startup an approximate valuation of $35 billion.