Krungsri Finnovate, established in 2017 and based in Bangkok, Thailand, is a corporate venture capital firm that focuses on strategic investments to foster the growth of startups in various sectors, particularly information technology. The firm aims to enhance the startup ecosystem both domestically and internationally, with a specific interest in areas such as e-commerce, logistics, digital payments, blockchain, lending, and artificial intelligence. Krungsri Finnovate provides support through corporate partnerships that yield tangible outcomes, helping startups develop innovative financial solutions. With a venture capital fund of USD150 million, the firm is dedicated to promoting sustainable growth for startups connected to its business interests, ultimately encouraging them to reach Unicorn status.
Head of Portfolio Growth and Acting Managing Director
Past deals in Thailand
Zipmex
Series B in 2022
Zipmex is a digital asset exchange platform that facilitates secure investments in cryptocurrencies for both retail and institutional investors. Founded in August 2018 by Akalarp Yimwilai and Marcus Lim in Singapore, the company aims to provide curated investment opportunities that include asset-backed digital assets like gold and real estate, as well as established cryptocurrencies with significant wealth generation potential. Zipmex prioritizes security by employing institutional custody for digital assets, offering insurance coverage up to $100 million. The platform features advanced trading tools and charting capabilities, catering to a diverse user base. Currently, Zipmex is licensed to operate in Thailand and Australia, and it is actively pursuing licenses in Indonesia and Singapore.
PEAK
Series A in 2021
PEAK (peakaccount.com) is one of the leading online accounting software provider in Thailand. We manage accounting record of almost 100,000 transactions valued over 2 billion bath per month. PEAK is a supported startup from True Incube and is invested by True, GSB, and SET. We won several awards and recognitions including winner prize for Ease of Doing Business Solution, Design Innovation, True Incube Batch 2. We are not only providing online accounting software but we are building business infrastructure for future data-driven economy. We help SMEs in Thailand have a better accounting system and have a better chance of getting loan or money they need to expand their business.
Zipmex
Series B in 2021
Zipmex is a digital asset exchange platform that facilitates secure investments in cryptocurrencies for both retail and institutional investors. Founded in August 2018 by Akalarp Yimwilai and Marcus Lim in Singapore, the company aims to provide curated investment opportunities that include asset-backed digital assets like gold and real estate, as well as established cryptocurrencies with significant wealth generation potential. Zipmex prioritizes security by employing institutional custody for digital assets, offering insurance coverage up to $100 million. The platform features advanced trading tools and charting capabilities, catering to a diverse user base. Currently, Zipmex is licensed to operate in Thailand and Australia, and it is actively pursuing licenses in Indonesia and Singapore.
Flash Express
Series E in 2021
Flash Express is a logistics and transportation company based in Bangkok, Thailand, that specializes in door-to-door pickup and delivery services. Established in 2017, the company leverages its in-house developed technology and Big Data to digitize and standardize the delivery process, which enhances operational efficiency and enables competitive pricing. In addition to its core delivery service, Flash Express operates under the Flash Group umbrella, offering a range of integrated e-commerce solutions. These include Flash Logistics for large item deliveries, Flash Fulfillment for goods storage, and Flash Home for parcel delivery agent services, as well as Flash Money for financial services. This comprehensive approach allows Flash Express to meet diverse client needs while ensuring fast and cost-effective service.
AppMan
Series A in 2021
AppMan is a prominent technology provider in the life insurance sector, catering primarily to leading insurers in Thailand and across Asia. The company focuses on enhancing the insurance sales experience through innovative solutions. A key offering is AgentMate, an electronic Point of Sale system designed to streamline the insurance sales process for agents and clients alike. This modular platform allows insurers to customize their digital roadmap by selecting specific modules that meet their operational needs. Additionally, AppMan's insure-tech platform aids businesses in optimizing work processes by identifying user requirements and translating them into actionable solutions. Through incremental prototyping and risk assessment, AppMan supports customers in maintaining financial health and planning sustainably for the future.
Flash Express
Series D in 2020
Flash Express is a logistics and transportation company based in Bangkok, Thailand, that specializes in door-to-door pickup and delivery services. Established in 2017, the company leverages its in-house developed technology and Big Data to digitize and standardize the delivery process, which enhances operational efficiency and enables competitive pricing. In addition to its core delivery service, Flash Express operates under the Flash Group umbrella, offering a range of integrated e-commerce solutions. These include Flash Logistics for large item deliveries, Flash Fulfillment for goods storage, and Flash Home for parcel delivery agent services, as well as Flash Money for financial services. This comprehensive approach allows Flash Express to meet diverse client needs while ensuring fast and cost-effective service.
Ricult
Funding Round in 2020
Ricult Inc. operates an online marketplace that connects farmers with suppliers of agricultural inputs and potential crop buyers, primarily focusing on smallholder farmers in developing countries. Founded in 2015 by MIT alumni, the company has developed a comprehensive digital platform that addresses the diverse needs of farmers, utilizing credit scoring algorithms and predictive analytics to assess creditworthiness. The platform also incorporates geographic information systems, satellite imagery, and agronomic models to provide farmers with vital information on crop management, including when to irrigate and harvest. Additionally, Ricult facilitates access to affordable loans and offers recommendations for improving crop yields. Headquartered in Boston, Massachusetts, Ricult currently operates in Thailand and Pakistan, aiming to empower farmers and help them escape poverty while accessing a multi-billion dollar market.
Grab
Series I in 2020
Grab Holdings Inc. is a prominent online-to-offline service provider based in Singapore, focusing on mobile technology solutions for transportation across Southeast Asia. Founded in 2012 by Anthony Tan and Tan Hooi Lng, Grab integrates various transportation services through its platform, which includes offerings such as GrabTaxi, GrabCar, GrabHitch, GrabShare, GrabCoach, GrabShuttle, GrabShuttle Plus, GrabFamily, JustGrab, GrabNow, and GrabRental. The company operates in multiple countries, including Singapore, Indonesia, the Philippines, Malaysia, Thailand, Vietnam, and Myanmar. In addition to its headquarters in Singapore, Grab has offices in Seattle, Beijing, Bangalore, Jakarta, and Vietnam, further extending its reach and capabilities within the region.
Baania
Series B in 2019
Baania is Thailand's leading online marketplace and data platform for residential properties, established in 2016 and headquartered in Chiang Mai, with additional offices in Bangkok and Nakhon Ratchasima. The platform aims to empower consumers by providing vital information and insights for buying, selling, renting, and financing homes. Baania streamlines the often complex process of real estate transactions by connecting buyers, sellers, developers, realtors, and banks through its comprehensive database of over one million homes. It offers data-driven analytical tools, including Thailand's first automated valuation service, Bestimate, which delivers up-to-date market insights and historical price comparisons. This enables users to make informed decisions regarding their real estate endeavors. Baania has successfully secured funding from local investors and notable venture capital firms over multiple rounds, further solidifying its position in the real estate market.
Baania
Series A in 2018
Baania is Thailand's leading online marketplace and data platform for residential properties, established in 2016 and headquartered in Chiang Mai, with additional offices in Bangkok and Nakhon Ratchasima. The platform aims to empower consumers by providing vital information and insights for buying, selling, renting, and financing homes. Baania streamlines the often complex process of real estate transactions by connecting buyers, sellers, developers, realtors, and banks through its comprehensive database of over one million homes. It offers data-driven analytical tools, including Thailand's first automated valuation service, Bestimate, which delivers up-to-date market insights and historical price comparisons. This enables users to make informed decisions regarding their real estate endeavors. Baania has successfully secured funding from local investors and notable venture capital firms over multiple rounds, further solidifying its position in the real estate market.
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