This brings the total amount of the fund to US$12 million.
With the money, the early-stage investment firm wants to help bankroll as many as 70 Thai startups over the next three years.
Krating Poonpol, Venture Partner at 500 Startups said of the fund,”We are more keen than ever. Thailand is going to reach a tipping point very soon…We will invest in total 60-70 companies over the next three years [meaning] two companies per month. And we want [startups] to be part of that.”
In addition to announcing a boost in the fund, 500 TukTuks made public the 10 companies that received investment from the first fund of US$10 million.
It generally makes initial investments of around US$75,000. If the company shows promise the firm will follow up with another round upwards of US$150,000.
“Basically, TukTuks is the first [VC fund] that is really focussed. We believe that with all the money coming to Thailand we need a lot of spray. So at the end of the day, hopefully, some will reach the next round of funding….We are here, we are local,” added Moo Natavudh, Venture Partner, 500 Startups.
Here are the 10 startups that have been awarded monies from the initial fund.
The first 10:
Omise: This payment gateway made a big splash in late October when it received an investment from Golden Gate Ventures that was “in the seven digits and our second-largest investment to date by check size”. The company is a white-label payment API that draws comparisons to Paypal’s Braintree.
Claim Di: This do-it-all auto roadside service company announced just two days ago a US$2 million Series A led by CyberAgent Ventures. The company offers on-demand roadside assistance like towing, mechanics and refueling. It also has an outsourced call service for auto insurance companies and a car accident survey service.
Blisby: This Thai online marketplace raised US$300,000 in April from an investment led by East Ventures. Blisby is working to connect Thailand’s artisans to the online world through its platform. It can be considered Thailand’s Etsy.
HUBBA Thailand: Thailand’s first co-working space nabbed a US$350,000 pre-Series A round in late October as it works to raise a full Series A in 2016. The co-working space wants to expand across Asia and is developing artisan-focussed offices called HUBBA—TO.
Wishbeer: The winner of Echelon Thailand 2014’s ‘Most Promising Startup’ Wishbeer is the top premium beer e-commerce store in Thailand. The team manages 500 orders a month and is hoping to double that number in the next few months.
Skootar: Skootar is solving the pain point of inefficient delivery services. It is an application connecting SMEs with available scooter messengers in the area by calculating and combining similar routes to optimise the time and cost. It won the dtac Accelerate batch three programme.
FlowAccount: Winner of AIS the Startup 2015, FlowAccount is a simple, easy online accounting system tailored specifically for Thai SMEs. The service is hoping to offer a more efficient alternative to Excel.
TakeMeTour: Startups hoping to connect tourists with locals for a more authentic travelling experience are cropping up all over Asia. TakeMeTour is the Thai version. Users can browse through hundreds of day-trips throughout the country and it even offers featured guides.
WashBox24: Is WashBox24 the most convenient laundry service in Thailand? The company is digitalising 24-hour laundry service with a software that allows customers to pick up clothes at their convenience, instead of being dictated by awful hours or far locations.
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