Beacon VC, the corporate venture capital arm of Thailand’s Kasikornbank, has invested in the Series B funding round of Builk, the Thai tech startup that operates a trading platform for construction companies.
The funding round, which also the participation of AddVentures by SCG, Cre-Ful Co Ltd, and Rosewood Capital, will be used to strengthen Builk’s technology and financial services to Thai companies operating in the construction industry, according to the announcement.
Builk provides business management and online construction material trading platform for construction companies. The platform has helped more companies in the construction industry to digitise their work process through its SaaS offering and workflow-integrated marketplace models.
The tech startup plans to expand its presence within Southeast Asia.
Patai Padungtin, CEO and founder of Builk One Group, said that the company had developed the Builk platform to help Thai construction entrepreneurs operate more effectively, giving them improved access to funding or financial products.
Beacon VC, founded in 2017, said its investment in Buik marks its 12th direct investment so far. It has actively made direct investments in startups across Southeast Asia, including neobank Aspire Financial Technologies, global cross-border payment company InstaReM, and ride-hailing giant Grab.
The VC firm said it is interested in the domestic construction industry because it still has a lot of opportunities to be digitised.
“Despite changes in the Thai construction industry along with challenges stemming from the recent disruption of new construction businesses and an unexpected pandemic, which has hurt the economy and private construction business, the construction industry remains imperative to Thailand’s development and growth,” Beacon VC managing director Thanapong Na Ranong said.
With a fund size of $135 million, Beacon VC focuses on strategic investments in early to growth-stage technology startups covering not only financial technology but also consumer internet and enterprise technology.