Krungsri announces plans to invest $100m in Thai startups through 2023

Krungsri Finnovate, the fintech-focused VC unit of Thailand’s Krungsri Bank, announced it will invest US$100 million in the next two years to work with at least 120 startups.

The VC arm will increase investments in fintech, ecommerce, proptech, and AI startups at the series A stage and higher in Thailand and Southeast Asia. Its minimum check size is US$1 million, it said in a statement.

Sam Tanskul, managing director at Krungsri Finnovate / Photo credit: Krungsri Finnovate

This effort is part of Krungsri’s three-pronged plan to transform its business into a digital bank. The other two strategic pillars involve building out its fintech ecosystem and working with startups as a strategic partner.

Its goal to support Thai startups and widen its network also includes “Meet the Angels,” an initiative that lets startups pitch their business plans to over 170 local and foreign investors.

Meanwhile, the bank’s “Meet the Angels – Sandbox” project helps incubate early-stage startups through training, workshops, and pitching sessions. The Krungsri Unicorn program is another initiative, which encourages employees to propose ideas and receive support from the Bank such as funding and relevant knowledge.

Krungsri Finnovate also said it will reduce operation costs and create a new revenue model by connecting startups with business units under the Krungsri Group. To date, the VC arm has worked with over 50 startups in over 100 projects.

In 2020, Krungsri Finnovate invested in companies like Grab, Icon Framework, Ricult, Flash, and Appman.