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

Krating Poonpol and Moo Natavudh, Venture Partners at 500 TukTuks

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 2018.

The announcement is made at the Echelon Thailand 2015 by two Startup 500’s  venture partners – Moo Natavudh, who is the founder of e-bookstore Ookbee, and Krating Poonpol, the former executive at Telenor.

Krating said that the fund has already invested a combined value of around 40 million baht ($1.12 million), in 10 startups, during the first three-months of operation since August 2015.

The startups that have received initial fund comprise Omise, Claim Di, Blisby, Hubba, Wishbeer, Skootar, FlowAccount, TakeMeTour, StylHunt and WashBox24.

Of the total fund, the first $6 million will be provided to potential startups in the first round. The other $6 million will be doubled in a second round only for the startups that prove to be successful; in order to help them scale-up their businesses.

“We have a strong determination to make a startup ecosystem happen in Thailand. We have already plan to have the second 500 TukTuks in 2018, which will raise around $30-$50 million,” Natavudh said.

Generally, 500 TukTuks grants initial funds between $75,000-$100,000 and the firms that succeed will be awarded double for the next round.

The fund is keen on investing in seven sectors, which are fintech, co-working space, SAS, travel, logistics, and e-commerce.

Also Read:

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500 Startups to raise $20m, doubling SEA fund for tech startups

500 Startups to launch $10m Thailand-dedicated fund

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.