Siam Cement Group kicks off ASEAN’s first industrial-focused venture fund

Left: Yuttana Jiamtragan. Right: Joshua Pas.

Siam Cement Group (SCG), Thailand’s largest industrial conglomerate, has launched AddVentures, the first industrial-focused venture capital fund in ASEAN, the company said on Thursday.

The VC fund has been set up to explore new areas in terms of transformative digital technologies and innovation for the parent company as well as provide opportunities for startups to scale up in Southeast Asia.

It plans to invest in funds of funds as well as startups in industrial, enterprise and B2B verticals, Yuttana Jiamtragan, Vice President for Corporate Administration at SCG, said.

“SCG has planned to spend around 4.5 billion baht ($132.35 million) on research and development. However, it has allocated the additional budget of 300 – 500 million baht ($8.82 – $14.7 million) for AddVentures’ investment each year,” he said. “We have talked to a number of funds and startups. Of those, 2-3 deals are expected to close by this year’s end.”

SCG has appointed Dr. Joshua Pas, a technology and innovation veteran, as a managing director to oversee the fund.

“In the first 3-5 years, AddVentures plans to spend $1-5 million per deal on average. The geographical focus covers from Thailand to other countries in Southeast Asia. In terms of technologies, we will focus on China, Tel Aviv and Silicon Valley,” Pas said.

Also read:

Thai lender KBank launches $29m Beacon VC fund to invest in fintech

Thailand’s SCG unit takes over Vietnam Construction Materials in ASEAN operation push

Siam Cement to pick 25% more in Vietnam’s Long Son Petrochem for $36.1m

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.