Thai marketing technology (martech) startup Zanroo said it is gunning to be the country’s first unicorn — startups valued at $1 billion or more — by 2019 after it closed a $7.4 million Series A funding round led by Bangkok-based Shift Ventures.
It said private funds, institutional investors, notable business owners and individuals, who asked not to be named, also joined its latest round.
Zanroo, founded in 2013 by Chitpol Mungprom and Udomsak Donkhampai, offers total web-based social intelligence solutions that integrate social listening, monitoring, engagement and customer service.
“This is our first fundraising since we officially launched four years ago. In the past, we only used our working capital to grow the business. However, the proceeds from this round will enable us to expand our business overseas much faster,” said Zanroo’s co-founder and chief executive Mungprom.
Zanroo is currently active in 15 countries including Thailand, Malaysia, Singapore, Indonesia, the Philippines, Myanmar, Cambodia, Vietnam, Japan, Taiwan, Australia, Sri Lanka, Pakistan and Britain. It now aims to expand to 40 countries and generate revenues of 1 billion baht ($29.4 million) over the next three years.
“We’ve chosen to expand in the Asian countries first as they are less competitive. Then, we are going to tap into China, the United States and Europe,” Mungprom said.
Of the total proceeds from this round, 40 per cent will be used for market expansion, 30 per cent for product and service development and the rest 30 per cent for marketing.
There are about 300 players in the global market for martech and advertising technology (adtech) services, totalling worth $24.18 billion.