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.