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P&G puts aside $12m to grow new Singapore-based businesses

P&G puts aside $12m to grow new Singapore-based businesses

These could involve new brands, technology platforms and business models, it said yesterday.

P&G – the parent company of haircare brand Pantene and cosmetics brand SK-II, among others – added that $8 million of the investment will go to a seed fund for a team of employees to work on projects and collaborate with local enterprises on business ideas.

The investment is part of GrowthWorks, a venture-building unit within P&G, which was started last year and already has 130 ongoing experiments in the US. The remaining $4 million will go towards setting up the GrowthWorks team in Singapore.

GrowthWorks’ Singapore launch marks P&G’s largest commitment to the programme outside the US.