Thailand’s PTTOR to invest $25m in VC fund co-managed with 500 Global

Photo: Reuters

Thailand’s PTT Oil and Retail Business (PTTOR) has set up a tech fund in partnership with US early-stage VC firm 500 Global to invest in both Thailand and Southeast Asia.

The Thai giant said in a statement that the fund, ORZON Ventures, is domiciled in Delaware, USA.

Through its Singapore-registered subsidiary, PTTOR International Holdings, the firm will commit an initial investment of $25 million into the fund. The investment value can be increased to $50 million, and PTTOR International Holdings will have a 99% stake in the fund, and the remaining 1% stake will be held by 500 Global and related individuals.

PTTOR, a backer of Thai logistics unicorn Flash Express, said the establishment of the new investment vehicle will strengthen and expand its own business.

A subsidiary of state-owned oil and gas giant PTT Pcl, the company conducted a $1.57 billion IPO earlier this year.

Now it has joined Thai conglomerates Siam Commercial Bank (SCB) and CP Group in launching VC funds. The latter two last month announced a new fund investing in digital assets and emerging technologies, and seeking to raise $600-800 million.

Meanwhile, 500 Global has been investing in Thailand through 500 TukTuks. The firm’s investments in 2021 include online marketplace Mercular and edtech Conicle 2021. Earlier deals include fintech company Finnomena, logistics startup GIZTIX, and car rental platform Drivemate, among others.

500 Global, which has rebranded from 500 Startups, has also rebranded its Southeast Asia business from 500 Durians to 500 Southeast Asia.

500 Southeast Asia recently raised $17.9 million for its third regional fund. DealStreetAsia had reported earlier that 500 Global was looking at raising $75 million for the 500 Southeast Asia III fund.

The Southeast Asian fund is now open to larger follow-on cheques of up to $5 million, as well as potential investments through special-purpose vehicles.

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.