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.
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.