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:
Exclusive: 500 Startups to raise $10m Vietnam fund, closes Southeast Asia fund at $22m
500 Startups to raise $20m, doubling SEA fund for tech startups