Lippo Life to invest $42m

JAKARTA (JP): Publicly listed Lippo Life of the Lippo Group said on Thursday that it had allocated Rp 300 billion (US$41.7 million) to form a venture capital focusing on the financing of internet-related businesses.

Lippo Life said the internet venture capital would fund and develop small and medium companies, giving various internet services, such as on person-to-person shopping, online shopping, internet portals, e-education, online financial services, e- travel, online entertainment and others.

"We are also seeking the best internet companies with innovative ideas in order to assist them toward even greater success through synergetic investment," Roberto Feliciano, a director at Lippo Life, said in a statement. (rid)