By THE NATION
The Bank of Ayudhya’s start-up venture capital arm also announced its most recent investment – in property tech (proptech) firm ICON Framework.
"Krungsri Finnovate continues its focus on providing support to Thai start-ups while monitoring the Covid-19 impact on their ecosystem,” said Sam Tanskul, Krungsri Finnovate managing director.
“Krungsri Finnovate has redefined its business plan to focus on creating alliances as well as investing in start-ups with potential growth and technologies that will respond to the market post-Covid-19, which include e-logistics, online payment, software as a service (SaaS), food delivery, etc."
Krungsri Finnovate said its strategy aligns with four investment themes:
1. Strategic Investment
2. Financial Returns
3. Futuristic Investment
4. Fund of Funds
The firm said it will continue seeking investment opportunities both domestically and in Southeast Asia, China, Europe, and other countries with advanced innovation, including Israel.
“Krungsri Finnovate is developing start-ups’ ecosystem and promoting start-ups’ growth both in terms of investment and building incubation and escalation platforms. Going forward, another important step is to collaborate and work closely with giant tech start-ups to develop innovations that connect directly to Krungsri Group’s businesses,” said Sam.
Meanwhile it continues to support growth of small start-ups through “Meet the Angels by Krungsri Finnovate” project which has been joined by over 40 start-ups since its launch,” he added.
Most recently, Krungsri Finnovate invested in ICON Framework, a Thai proptech firm developing an operating system for real estate businesses. ICON Framework has 12 years experience in property technology development and has worked with Thailand’s top 10 real estate developers. Krungsri Finnovate said the investment would help strengthen Krungsri’s home loan business in the long run.