From tuk-tuks to tech: Thailand’s thriving startup scene

When one thinks about Thailand, several things immediately come to mind. Delicious food, beautiful beaches, elephant sanctuaries, awe-inspiring temples, bustling street markets… the list goes on.

Photo credit: topnpt / 123RF

However, one thing that often doesn’t get mentioned is “thriving startup ecosystem.” Within Southeast Asia, Thailand often takes a backseat in conversations around tech and startups, eclipsed by markets like Singapore and Indonesia.

But that shouldn’t be the case. Opportunity abounds in Thailand, and it has grown into an exciting place to start up. And that’s why it’s among the countries lined up for our monthly Founders’ Meetup.

Let’s go a little deeper into why we’re keen on Thailand:

An overview

First things first: Where is Thailand at as an ecosystem?

The country had over 1,000 startups as of 2022, according to Startup Universal. It was also ranked 54thon Startup Blink’s global startup ecosystem index in 2023, and is fourth among all the Southeast Asian countries.

Startup funding in Thailand has also been steadily on the rise in the last few years.

It hit an all-time high of over US$547.5 million in 2023, according to Tech in Asia’s database. This happened despite the overall funding slowdown in the region, indicating that investors are taking a growing interest in Thailand and its startups.

Four unicorns have also emerged in the market over the last few years. Logistics firm Flash Express was the first to attain the coveted US$1 billion valuation in June 2021, just three years after it was founded. It’s since been followed by fintech startup Ascend Money, which operates payments platform TrueMoney, as well as crypto platform Bitkub, and food delivery firm Line Man Wongnai.

While Thailand’s stable of unicorns is relatively small, it has several promising startups that are playing on the regional arena, such as ecommerce enabler aCommerce, fashion brand Pomelo, and Opn (formerly known as Synqa), a Tokyo-registered payments firm that operates out of Bangkok.

Photo credit: thailandphoto77 / 123RF

One must also remember that Thai tech companies aren’t some new phenomenon: travel booking site Agoda and ebook platform Ookbee were established in 2005 and 2010, respectively.

Potential awaits

As Thailand’s tech ecosystem continues to develop, its companies are uniquely positioned to develop innovative solutions for several verticals, solving both local and regional challenges that are facing communities. Here are the three verticals we’re really excited about:

• Fintech: Thai consumers are among the most avid users of mobile banking applications in the world, and the country’s central bank is exploring opportunities in digital currency. At the same time, 63% of the population is either unbanked or underbanked, which presents exciting opportunities for fintech firms.
• Healthtech: Given Thailand’s status as world-class destination for medical treatment, its healthcare system has the foundation for new medical and digital health technologies to be implemented.
• Agritech: Agriculture plays a key role in the Thai economy, contributing about 8% of the country’s gross domestic product and employs around one-third of its labor force. Tech can help make agriculture more effective in Thailand by addressing issues such as climate change, environmental degradation, and labor shortages.

Seize the day

Of course, it’s not all sunshine and rainbows in Thailand’s startup ecosystem. The country faces some challenges with early-stage funding and business regulations, and the current macroeconomic environment isn’t doing startups any favors.

However, every cloud usually comes with a silver lining. Startups that can weather the storm will be in a good place when the skies become clear, given Thailand’s obvious and compelling potential.

If you’re a startup leader in or you’re just keen on this market, join Tech in Asia’s upcoming Founders’ Meetup: Thailand. We’ll help you navigate the ups and downs of the startup life.

Held in Bangkok on September 11, we’re bringing together founders to connect, learn, and exchange ideas with others in the community, acquire new insights into the challenges you’re facing, and share knowledge.

Final few 1+1 bundles left – we won’t be adding more once they’re sold out. Get a ticket now to bring along a friend for free!

It’s an exciting time to be a startup founder in Southeast Asia, and together, we can definitely navigate the hurdles that are in our way. We’ll see you in Bangkok!

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