It will consider startups that are related to its business such as Information Technology (IT), telecommunication, digital content providers and media.
“We are considering joint ventures with three to four startups next year. We would like to support high potential startups that have growth sustainability,” said Kim Siritaweechai, executive vice president of INTOUCH’s Portfolio Management.
INTOUCH will provide financial support and business advisory including, marketing, but does not plan to hold majority stake or participate in company’s management.
It plans to invest at least five million baht ($152,439) in each company, hold the investment for at least three to five years, said the company officials.
“There are more startups in Thailand because people are much more aware of technology adoption and the government’s policy to promote the digital economy. However, the direction to support startups here has not got a clear picture. I believe that the government’s policy will help stimulate more investment in IT business and it’s a good timing for startups to share the opportunity,” he added.
Over the last two years, it has invested in three startups through its InVent project with an initial fund size of 250 million baht ($7.62 million).
Ookbee Company, the largest e-book platform in Southeast Asia, is one of the three companies that INTOUCH has invested in. When the business started, it held 25 per cent stake, but that was diluted to 22 per cent in the beginning of this year after a Japanese firm has also invested 160 million baht ( with a shareholding of 11 per cent).
The other two companies are Computerology, a social media solution provider, and Meditech Solution, a developer of “SenZe” which helps disabled patients to communicate with families and nurses by tracking their eye movement.