500 TuksTuks to raise US$20 million for second vehicle

Mon Jun 18, 2018 - 10:30am GMT+0000
500 TuksTuks to raise US$20 million for second vehicle


18/6/2018 – 500 TuksTuks, a Thailand-focused micro fund has last Friday launched its second vehicle as per an SEC filing.

According to the SEC filing, the firm is yet to sign on any investor to the fund so far, but it might count the backing of several large companies including Saha Pathana, Inter-Holding Plc, TCP Group Central Group, Vacharaphol Company and Southeast Insurance.

This fund aims to raise US$20 million in capital to back 150 startups, including a potential unicorn, that is a startup which valuation has grow to at least US$1 billion.

Krating Poonpol, the managing partner of 500 TuksTuks said, “The Fund II would help to create new economic growth engine for the country, especially in the targeted S-curve industries.”

Thailand has identified 10 key S-curve industries, which include electronics, robotics, aviation, digital, agriculture technology, logistics, and next-generation automotive as future new-growth engines.

Besides, Krating also added that the Fund II will also accelerate the development of the startup industry in CLMV countries: Cambodia, Laos Myanmar, and Vietnam.

TuksTuks 500 was launched in April 2015. Its first fund, 500 TuksTuks I achieved its final close at US$15.4 million in early 2017, which was 50 percent higher than its initial target of US$10 million. It was mostly used to invest in the seed funding stage for 50 startups.

About 47 percent of the startups funded by 500 TukTuks went on to raise almost 7 billion baht ($210 million), said Krating, adding that the micro VC firm will expand investment in Series A funding for digital disruptive technology and deep tech startups that rely heavily on research and development.

Moving forward, 500 TukTuks II will cover funding from seed round up to Series A. It also plans to expand its portfolio in Cambodia, Laos, Myanmar, and Vietnam.

The micro VC firm aims to build at least seven local startups that could reach more than US$100 million valuations by 2023, making Thailand more attractive to larger investors. Among the startups that 500 TukTuks has invested include GIZTIX, Pomelo, Baania, Finnomena and Omise.

“Our mission,” Kranting said, “is to create one or two iconic tech companies from Thailand that come from our portfolios. We want to create the future leaders for the country.”