Krungsri Finnovate Aims for Global Venture Capital Status Supporting ASEAN Startups
The corporate venture capital arm of Krungsri Bank plans to bolster startups across Thailand and ASEAN, showcasing its successes in a recent accelerator program.
Krungsri Finnovate, the corporate venture capital (CVC) arm of Krungsri Bank, is actively laying a robust foundation with the concept of "Scaling New Heights Together." The initiative aims to position the company as a global venture capital entity while supporting the growth of startups in Thailand and the ASEAN region.
The recent Demo Day featured the 12 finalist teams from the Finno Efra Accelerator Program, which saw participation from prominent organizations and investors.
Palida Athitthapong, the acting managing director and head of portfolio growth at Krungsri Finnovate, stated that the firm remains committed to nurturing the startup ecosystem in Thailand and the broader ASEAN region.
In the current year, there is a planned increase in investment focus towards ASEAN startups, alongside expanded international partnerships.
This strategy aims to enhance Krungsri Finnovate's regional capabilities and expertise, aligning with the bank’s broader objectives.
In the past fiscal year, the company created business opportunities for promising startups by developing an ecosystem conducive to growth and business expansion.
This approach spans sectors beyond fintech, including digital technology and sustainability, recognizing that appropriate integration is crucial for driving business and overall economic growth.
In 2023, Krungsri Finnovate launched the Finno Efra Accelerator Program in collaboration with Efra Structure to empower a new generation of startups.
The first batch included 12 selected startups from approximately 200 applicants, which underwent rigorous training over four months.
After completing over 30 classes, the 12 teams had the opportunity to present their projects to a panel of judges and investors, facilitating potential investment follow-ups.
This accomplishment is highlighted as a significant contribution to supporting Thai entrepreneurs in establishing viable and sustainable businesses, according to Palida.
Award-winning teams from the accelerator will have the opportunity to attend global technology seminars, including Viva Technology in Paris, InnoVEX in Taipei, and NextRise in Seoul.
As of now, Krungsri Finnovate has total investments amounting to 4.039 billion baht (approximately 120 million USD) across 25 startups, including four unicorns: Grab, Flash Express, Klook, and Ascend Money.
Several startups are preparing for their Initial Public Offerings (IPOs).
The Finnoventure Private Equity Trust, with a fund size of 2.7 billion baht, has already invested 1.731 billion baht across 15 companies in Series A and above stages.
In 2024, there are plans to invest in an additional six startups.
The Finnoverse and Futuristic Funds have so far deployed 475 million baht, with an expected further investment of around 70 million baht in the current year.
Additionally, there are projected investments in the FinnoEfra Private Equity Trust, focusing on startups from seed to pre-series A stages.
The recent Demo Day featured the 12 finalist teams from the Finno Efra Accelerator Program, which saw participation from prominent organizations and investors.
Palida Athitthapong, the acting managing director and head of portfolio growth at Krungsri Finnovate, stated that the firm remains committed to nurturing the startup ecosystem in Thailand and the broader ASEAN region.
In the current year, there is a planned increase in investment focus towards ASEAN startups, alongside expanded international partnerships.
This strategy aims to enhance Krungsri Finnovate's regional capabilities and expertise, aligning with the bank’s broader objectives.
In the past fiscal year, the company created business opportunities for promising startups by developing an ecosystem conducive to growth and business expansion.
This approach spans sectors beyond fintech, including digital technology and sustainability, recognizing that appropriate integration is crucial for driving business and overall economic growth.
In 2023, Krungsri Finnovate launched the Finno Efra Accelerator Program in collaboration with Efra Structure to empower a new generation of startups.
The first batch included 12 selected startups from approximately 200 applicants, which underwent rigorous training over four months.
After completing over 30 classes, the 12 teams had the opportunity to present their projects to a panel of judges and investors, facilitating potential investment follow-ups.
This accomplishment is highlighted as a significant contribution to supporting Thai entrepreneurs in establishing viable and sustainable businesses, according to Palida.
Award-winning teams from the accelerator will have the opportunity to attend global technology seminars, including Viva Technology in Paris, InnoVEX in Taipei, and NextRise in Seoul.
As of now, Krungsri Finnovate has total investments amounting to 4.039 billion baht (approximately 120 million USD) across 25 startups, including four unicorns: Grab, Flash Express, Klook, and Ascend Money.
Several startups are preparing for their Initial Public Offerings (IPOs).
The Finnoventure Private Equity Trust, with a fund size of 2.7 billion baht, has already invested 1.731 billion baht across 15 companies in Series A and above stages.
In 2024, there are plans to invest in an additional six startups.
The Finnoverse and Futuristic Funds have so far deployed 475 million baht, with an expected further investment of around 70 million baht in the current year.
Additionally, there are projected investments in the FinnoEfra Private Equity Trust, focusing on startups from seed to pre-series A stages.
