500 TukTuks, a Thailand-focussed micro fund from the Silicon Valley-based 500 Startups stables, is considering either expanding its fund size from $12 million to $15 million or raising a second vehicle to inject more money into Thai startups.
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Thailand’s social media shopping trust and discovery startup STYLHUNT announced today that it has raised close to $500,000 in a Pre-Series A round led by CyberAgent Ventures, with participation from 500TukTuks, Expara Ventures, Singapore Angel Network, and Paul Pattarapon Sinlapajan.
500 TukTuks, a Thailand-focused micro-fund launched by the US-based accelerator and investment fund 500 Startups, today announced that it had topped the existing fund size by an additional $2 million. This raises the total amount of the fund to $12 million. It aims to fund 60-70 Thai startups before July… Read more »
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This is 50% higher than its initial target of $10 million.
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The fund does not make disclosure for the terms of its investments. However, a source familiar to the fund revealed that 500 Startups probably invested around $30,000-50,000 in a Vietnamese startups. There were exceptions in which the US investor paid higher, up to $100,000 a deal.
Since its launch, 500 TukTuks are the most active venture capital fund in Thailand. So far, it has already invested in 22 local startups and targets at having around 25-30 startups in its portfolio by the end of this year.
FinAccel has raised a seven-digit seed investment round led by Jungle Ventures with participation from GMO Venture Partners, AlphaJWC Ventures, 500 Durians and 500 Tuktuks. Several notable angels such as Amar Goel (Komli/PubMatic) Prashant Kirtane (TravelMob), Jerry Yeu and Mathieu Harding (Hawksburn Capital) also participated in the round.
To date, it is the first time that 500 Startups has injected the capital into the Thai company directly.