Malaysian budget airline AirAsia Group has introduced an adventure capital fund in the US to invest in startups seeking to enter or expand their presence in Southeast Asia.

(Second from left) AirAsia Group CEO Tony Fernandes, CEO and Co-Founder 500 Startups Christine Tsai, and AirAsia Deputy Group CEO (Technology and Digital) Aireen Omar flanked by cabin crew. (Source: newsroom.airasia.com)

RedBeat Capital focuses on startup companies in travel and lifestyle, logistics and financial technology, along with artificial intelligence, the internet of things and cybersecurity.

AirAsia will initially provide about 10 million USD to the fund, which has invested in a number of companies.

Currently, AirAsia is a partner of 500 Startups, a startup accelerator based in San Francisco, the US.

According to AirAsia, RedBeat Capital will have its headquarters in San Francisco.

As a pioneer in low-cost air transport in Asia, AirAsia is expanding its business to payment, logistics, food and customer services.

Last week, AirAsia revealed losses in the fourth quarter of 2018, its first loss in more than three years due to higher fuel and rent costs. Currently, revenue from sectors other than aviation contributes about 20 percent to AirAsia’s total income.

(Source: VNA)