Richest families in Southeast Asia scout for the next unicorn

A jogger runs toward the Central Business District in Singapore. Although Covid-19 has decimated tourism and retail in Southeast Asia, the region is home to some of the fastest-growing Internet markets. — Bloomberg

BLOOMBERG: Some of Southeast Asia’s old-money tycoons are boosting investment in technology startups, looking to ride a wave of surging valuations as they seek to counter the fallout of the pandemic on businesses ranging from retail to hospitality and manufacturing.

Holding companies, family investing arms and other vehicles of moguls from Thailand’s Dhanin Chearavanont to the Philippines’ Lance Gokongwei are either plowing millions of dollars directly into promising companies or setting up venture capital funds. Partnering with Silicon Valley venture capital firms is also gaining popularity.