Exclusive: Thai-focussed 500 TukTuks mulls fund extension or second vehicle

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.

“To date, we already have the entire $12 million committed to invest in startups. Therefore, we are discussing whether to extend it to $15 million or raise the second 500 TukTuks by the beginning of next year,” Krating Poonpol, fund manager of 500 TukTuks, told DEALSTREETASIA.

The new fund vehicle may be in the region of $30 million though a target has not been finalised yet. A final decision on the fund size is expected in October, he added.

500 TukTuks was initially kicked off with the fund size of $10 million followed by a top-up of $2 million in November last year. The VC firm targets to invest in 60 Thai startups by 2018.

So far, it has already invested in 22 local startups and plans to disclose three more investments this year. Most of them are seed funding in the range of $100,000 up to $250,000.

While it is looking at increasing its exposure in the Thai startup space, the fund is also becoming more selective owing to a slower pace of development seen in local startups. Besides, the fund is also taking a cautious approach to invest in fintech startups given the tough regulations in the country, he added.

The companies that secured the funding from 500 TukTuks include Piggipo, GizTix, Ginja, Ticketbox, e Omise, Claim Di, Blisby, Hubba, Wishbeer, Skootar, FlowAccount, TakeMeTour, StylHunt and WashBox24.

At Startupfest in Montreal, 500 Startups founding partner Dave McClure said that it has made around 1,500 investments in 60 countries, so far.

In Asia, it announced a $25-million fund 500 Kulfi to invest in Fintech, EdTech, Health & Wellness, Data Analytics, Content and SaaS in India, Sri Lanka and Bangladesh in February. A month later, it launched a $10-million micro fund in Vietnam, targeting to fund around 150 local startups over the next few years.

Also read:

Thailand-focussed micro fund 500 TukTuks raises additional $2m to fund startups

Thai startup STYLHUNT raises $500K in pre-Series A from CyberAgent, 500 TukTuks, other

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.