Krungsri Finnovate, the venture capital arm of Thailand’s Krungsri Bank, Monday announced that it has invested an undisclosed sum in an extended Series A round for Choco CRM, a Thai startup which offers customer relation management and point of sales (POS) services.
This marks its fifth direct investment in startups, following funding for blockchain and online payment unicorn Omise, fintech firm Finnomena, proptech startup Baania and AI-driven banking system developer Silot.
Choco provides small and medium enterprises (SMEs) with marketing tools to retain customers by offering personalised rewards and promotions. It offers CRM and POS solutions for businesses, who can connect with the end-users through a physical card, mobile phone number and a mobile application.
“The goal of this investment is to strengthen SME operators by means of delivering superior financial services and; to facilitate them to achieve business management efficiency and to have access to enhanced financial services, including Information-based Lending platform of Krungsri,” said Krungsri Finnovate managing director Sam Tanskul.
Choco’s founder and CEO Sirasit Suriyapattanapong said this collaboration has opened up Choco’s access to the financial services market, in addition to its current customers such as restaurants, gadgets and fashion stores.
Moreover, Krungsri will also be a key driver in the development of a payment gateway for Choco’s POS users.
Choco had previously secured 40 million baht ($1.25 million) in funding from InVent, the corporate venture capital arm of Thailand’s telecommunication firm INTOUCH Holdings, in September 2018.