How attractive is the Thailand startup market?
Thailand has one of the most vibrant economies in the ASEAN region where it has been touted to be the second largest after Indonesia which has a much larger population. Thailand is one of the economies with a large foreign direct investment and a GDP of more than USD$500 billion in 2020. On top of that, it has a very pro-innovative government that helps to grow the market through new startups and SMEs.
One of the major initiatives there is the Thailand 4.0 strategy launched in 2018 where next-generation industries like automotive and digital technology. To date, its capital of Bangkok is among the top 100 Startup ecosystems in the world.
Who are the top Venture capital firms in Thailand?
Below are the top and most active venture capital firms operating or based in Thailand.
SCB 10X is a subsidiary of Siam Commercial Bank. Established in 2020, SCB 10X was started with ‘The Moonshot Mission’. This is a firm that is focused on investing in technology innovations through 3 of its major channels, the Venture Builder, Venture Capital and Strategic Investment & Partnership. It focuses on early-stage startup companies in sectors such as digital work and lifestyle, Decentralized Finance (DeFi), blockchain, fintech as well as in health and wellness Internet of Things, among others.
Established in 2012, Galaxy Venture is one of the active venture capital firms based in Bangkok that has assisted and built successful businesses with many startups around the country. This includes startups in areas like logistics, e-commerce and many others. Among the companies that has been helped through this firm include Xcommerce, a multi-channel e-commerce platform, social media e-commerce platform page365 and Skootar, an on-demand logistics platform.
N-Vest Venture was established in 2014 which focuses on private equity investment. Over the past few years, N-Vest Venture has grown to become a major player in the alternative investment service segment by helping businesses in new and emerging technologies. This includes Customer Relationship Management systems, social media analytics, visual effects & animation, robotics, artificial intelligence, digital marketing and logistics. Companies that have been affiliated with N-Vest Venture include Mycloud fulfillment, Health at Home, Astride Bionix, Crossmax and others.
InVent by Intouch Holdings is a Thailand-based private venture capital firm with the aim to grow and help new startups to grow their businesses in the global arena. Focusing on strategic investments in the early to the growth stages, this venture capital firm was founded back in 2012 that emphasizes businesses in the telecommunications, technology and media sectors. Besides that, InVent is also looking at startups and businesses that are involved in emerging technologies and segments such as Artificial Intelligence, Big Data and blockchain as well.
Inspire Ventures is one of the active venture capital firms with a presence in various Southeast Asia countries like Vietnam, Indonesia and in Thailand. This is a USD$25 million partner-funded firm that develops the businesses themselves through a strong and experienced team of managers. Throughout the years, Inspire Ventures has invested in various high-growth business companies and early-stage firms, focusing in areas like marketing, social commerce, e-commerce, digital media and education.
Alpha Founders Capital
AFC or Alpha Founders Capital is a venture capital firm that focuses a lot on late seed rounds. It is very much involved in the growing startup markets of Thailand and Vietnam, helping them to innovate and grow sustainably in the future. Founders of startups will have access to AFC’s Venture Partners who are entrepreneurs and CXOs to help grow their businesses. Among the businesses that has benefited through AFC’s model include Chilindo, Mobilkamu, Scoota and Minute Videos.
Beacon Venture Capital
Beacon Venture Capital can be considered to be one of the very stable investment firms as it is the corporate venture capital fund under Kasikornbank, one of the large banks of Thailand. The bank has one of the largest SME bases and the highest mobile penetration in Thailand and Beacon Venture Capital had an initial USD$30 million fund that can be used to help startups in the early to growth stages. Areas of investment by Beacon Venture Capital includes consumer internet and enterprise technology, fintech and emerging technologies.
K2 Venture Capital
Based in Bangkok, K2 Venture Capital prides itself to be a venture building on top of an investment firm. It is a future-focused firm that was a joint venture between Loxbit Public Company and TIH Limited. Besides financial funds, K2 Venture Capital also provides physical infrastructure and human capital to startups and partners to grow their operations. Among the names that has been invested by K2 Capital Ventures include Moneytable and Uangteman.
Sparx Ventures is known to build relationships with entrepreneurs that encourage collaboration and cooperation where it also provides investments and other related assistance. Targeting early-stage technology startups, services offered include legal and accounting support, technology, IT infrastructure, business plan optimization and more notably in funding for startups in emerging sectors like social networks, fintech and many others.
This is a venture capital firm based in Bangkok that has been in operation for more than 10 years now. Throughout the years, Stonelotus Ventures has supported early-stage businesses and startups to grow and their operations. Focusing on business segments like food technology, distribution, marketing and others, it has previously been involved in business such as beauty equipment supplier IBSBeauty, health supplements formulation and distribution startup Primalhealth, Andean Cacao, Protanica and Northern Standard.