Thailand to bridge local startups to European market with Berlin alliance

Photo credit: The National Innovation Agency of Thailand

Berlin has an active startup scene, hosting 25 unicorns and being the second-largest VC investment recipient in the European Union after London, according to the Asia Berlin Forum e.V. (ABF).

To capture this market, Thailand – through the National Innovation Agency (NIA) – has partnered with ABF. With this partnership, the Thai government seeks to propel the expansion of local startups to Europe.

The two organizations signed a memorandum of understanding to develop innovation networks and investment channels, especially for AI startups. The goal is to boost startup ecosystems in both countries.

“One of NIA’s key strategies to drive Thailand towards becoming an ‘innovation nation’ is building international relationships,” NIA executive director Krithpaka Boonfueng said in a statement.

NIA will arrange workshops, consulting programs, exchange visits, and innovation contests through this partnership.

The tie-up will also give prospects for Thai investors aiming for European markets. Berlin-based startups secured 10.5 billion euros (US$11.4 billion) across 503 funding rounds in 2021, with three of Germany’s top five funding rounds taking place in the city.

Founded in 2013, ABF connects startups and investors in Berlin with major cities in Asia, such as Bangkok, Singapore, and Tokyo, according to ABF general manager Marten Rauschenberg.

Another advantage Berlin offers is that “the startup ecosystem predominantly uses English, facilitating strong international networks,” Rauschenberg added.

ABF’s other programs like the AsiaBerlin Investors Club and the Expansion Lab will also provide more investment and networking opportunities for Asian and German entrepreneurs. Additionally, the organization is hosting the AsiaBerlin Summit in November this year.

See also: Insurtech firm Sunday’s next opportunity: Thailand’s booming EV space

Currency converted from euro to US dollar: US$1 = 0.92 euros.