The ride hailing firm has teamed up with Singaporean state agencies to launch Grab Ventures, which is set to make eight to 10 investments over the next two years.

Ride sharing firm Grab has launched an investment arm called Grab Ventures that will invest in eight to 10 startups over the next two years, TechCrunch reported this week.

The company will also operate an accelerator program, called Velocity, targeting growth-stage businesses, in addition to incubating new services from within Grab. Velocity will accept four to six companies per cohort, with the inaugural class expected to join before the end 2018.

Grab has recruited Singapore government agencies Info-communications Media Development Authority of Singapore (IMDA) and Enterprise SG as partners.

Chris Yeo has been appointed head of Grab Ventures, which will invest across Southeast Asia. He said: “It is time for us to reflect on the tremendous support we have seen over the years and give back to the community.

“We have a responsibility to empower the next generation of startups in Southeast Asia. We have a strong belief in taking a partnership approach, we know we cannot do it alone.”