Thai start-ups raise over THB10 billion in just two months
Thai start-ups managed to secure more than 10 billion baht in funding in September and October, as investment rebounded with the country’s reopening.
Thansettakij business daily reported on Friday that the past two months have seen major investment deals announced by five Thai start-ups in various industries.
The biggest deal was announced by e-commerce platform LINE MAN Wongnai, which raised US$265 million or 10 billion baht from several partners including Singaporean sovereign wealth fund GIC, Line Corp, BRV Capital Management, PTT Oil and Retail (OR), Bualuang Ventures and Taiwan Mobile. The deal raised the company’s value to over 37 billion baht, making it Thailand’s latest unicorn.
The second deal was announced by Globish Academia Thailand, an online English learning platform, which raised over 90 million baht from leading venture capital firms Premier, NVEST Venture, ECG, 500 TukTuks, StormBreaker Venture and RareJob. Globish is entering a growth stage and aims to become a leading EdTech start-up in the Asean region.
Meanwhile, Green Yellow, a solar generation start-up, recently secured 831 million baht from the Export-Import Bank of Thailand to expand its solar-panels project for residential and business customers wishing to save energy and reduce carbon emissions.
AutoPair, a provider of automotive-part sourcing and auto-shop management software, also secured 70 million baht from Mitsubishi Corp to expand the Japanese automaker’s parts-manufacturing wing.
Lastly, Fintech and blockchain start-up Forward recently completed its seed or first-stage funding with 160 million baht raised. The six-month fundraising project weathered a volatile cryptocurrency market to secure investments from Primestreet Capital, Beacon Venture Capital, KBANK, Bank of Ayudhya and KASIKORN X, among others.
