Siam Commercial Bank (SCB) has injected another $50 million into its fintech-focused venture capital arm Digital Ventures, bringing the total fund size to $100 million. The latest capital infusion makes Digital Ventures the largest venture capital fund in Thailand.
The development was first reported by Techsauce and confirmed by Digital Ventures CVC managing director Paul Ark (Polapat Arkkrapridi) in a social media post.
“At present, we have engaged with over 800 startups and more than 60 venture capital funds in nearly 30 countries… Our past success has given us the confidence to double our venture capital fund size from $50 million to a total of $100 million,” said SCB chief financial officer and chief strategy officer Dr. Arak Sutivong.
“Leveraging a US$100mn capital base thrusts us into the “big kids club” of international bank CVC funds and enables us to continue our hunt for key strategic technologies and attractive financial investments,” Ark wrote in a Facebook post.
Digital Ventures will also focus more on direct investments as opposed to investing in other VC firms, the report quoted its executives as saying. The corporate venture capital firm has backed Golden Gate Ventures, Dymon Asia Ventures and Arbor Ventures in the past.