Exclusive: 500 TukTuks to launch second vehicle in Q4, tap neighbouring countries

500 TukTuks, a Thailand-focused micro fund launched by Silicon Valley-based venture capital firm 500 Startups, expects to close its second vehicle at $30 million and launch it in the fourth quarter this year.

The upcoming fund will invest not only in Thailand but also expand its portfolio in Myanmar, Laos and Vietnam, venture partner Natavudh Moo Pungcharoenpong told DEALSTREETASIA at Echelon Thailand 2017.

He said the startup scene in Myanmar and Laos are similar to the one in Thailand three to four years ago. However, the opportunities are there following the inauguration of 3G services, changing lifestyle and infrastructure development.

“We would like to be first movers to invest and be part of their startup ecosystem development,” he said.

The first vehicle of 500 TukTuks kicked off in April 2015 with the initial size of $10 million, and then it increased the fund to $15 million last year.

Natavudh said 500 TukTuks has invested around $7.5 million in 37 companies so far. It plans to spend the other half of the fund on investing in new companies, targeting to have around 50 companies in its portfolio, or doubling down in potential startups in its portfolio.

For the second vehicle, it will still spray money in seed round and also focus more on Series A. He said that most of investors in the 500 TukTuks II are local corporate firms, unlike the first one which was mostly invested by individual investors.

According to Techsauce’s research, six corporate venture capital funds were kicked off in the first four months of 2017, and around 75 startup firms were invested by Thai corporate VCs. Total funding Thai startups received valued more than 9 billion baht ($260.8 million) over the last five years, cited the research.

In October last year, 500 Durian Fund II was launched with the size of $50 million and targeted to invest up to 100 Indonesian seed-stage companies.  The media reported 500 Startups was likely to debut the third micro fund in Southeast Asia, which would be dedicated for startups in the Philippines, following its success with a health and drug information network mClinica.

Also read:

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

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

500 Startups targets 100 Indonesian companies with latest $50m 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.