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Friday, December 9, 2022
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Friday, December 9, 2022
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    Thai start-ups raise over THB10B in two months

    ANN/THE NATION THAILAND – Thai start-ups managed to secure more than THB10 billion in funding in September and October, as investment rebounded with the country’s re-opening.

    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 USD265 million or THB10 billion 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 THB37 billion, making it Thailand’s latest unicorn.

    The second deal was announced by Globish Academia Thailand, an online English learning platform, which raised over THB90 million 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 THB831 million 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, secured THB70 million from Mitsubishi Corp to expand the automaker’s parts-manufacturing wing.

    Lastly, Fintech and blockchain start-up Forward recently completed its seed or first-stage funding with THB160 million 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.

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