Thailand tech startup ecosystem report 2019 by techsauce

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COPYRIGHT 2019 TECHSAUCE CO.,LTD
INVESTOR GUIDE
THAILAND
TECH STARTUP
ECOSYSTEM REPORT
2019

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Techsauce is the leading source of all innovative tech
and business news in Thailand and Southeast Asia.
Our on-the-ground reporters and home field
advantage make it the home of unique insights,
analysis, opinion pieces and data on one of the most
mature digital ecosystems in Southeast Asia.
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Techsauce Thailand
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• Introduction
• Thailand Startup Ecosystem Overview
• Ecosystem activity and funding movement
• An In-Depth Look
• Appendix
• Thailand Startup Ecosystem Key Player
• Fund Raising in annual 2011-2019
• Investment Fund Raised in 2012-2019
• Startup Funded Stage 2011-2019
• VC Activity in Thailand 2011-2019
CONTENTS
INDEXS
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The report aims to reflect facts that happened inside Thailand's
startup ecosystem. The information is gathered from various
reliable sources such as press conferences, news updates,
interviews, and so on. We do not include speculations or rumors
as our references.
In addition, we do not receive financial incentives from the
organizations, startups, companies or individuals listed in the
report.
The report has been made with no intention to promote or
diminish certain organizations, startups, companies, or
individuals in particular.
In each quarter, our team selects the information that we
believe would be beneficial to our readers. We see this report as
a tool to raise awareness and help educate readers about the
startup ecosystem in Thailand.
Since there were so many things that occurred inside Thailand’s
startup ecosystem, it is possible that our team could not gather
all information completely or with perfect accuracy. We
apologize beforehand for such situation and please feel free to
contact us in case that the readers have updated information.
DISCLAIMER
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INTRODUCTION
TO THAILAND’S
MARKET
66.56 M
Population
Not fragmented
52.00 M
Internet User
(75% penetration)
126 M
Mobile Subscription
52 M
Active Mobile Social Users
(75% penetration)
65%
Mobile Banking
User Percentage
100%
Broadband on Mobile
Connection (3G-4G)
Source : nbtc.go.th, stat.dopa.go.th, we are social

An overview of the quantity of various industries in 2018
and the key players of Thailand’s tech startup ecosystem.
THAILAND STARTUP
ECOSYSTEM OVERVIEW

AT LEAST
97.55M USD
Other
20%
InsureTech
3%
Industrial and Manufacture
3%
HealthTech
6%
Enterprise Platform
3%
E-Commerce Marketplace
17%
Logistic
3%
EdTech
6%
AutoTech
6%
PropTech
9%
Fintech
20%
FoodTech and Restaurant
6%
Note: This report uses only data disclosed to the public.
An Overview of Thailand’s Tech Startup Deals in 2019
(Percentage represents the number of deals made.)
2019 Thai Tech Startup Deals
Other: Gaming, Service, Retail, Travel

AT LEAST
231.75 M US
Other
20.0%
InsureTech
2.5%
2.5%
HealthTech
5.0%
Energy
2.5%
Enterprise Platform
2.5%
15.0%
Logistic
2.5%
EdTech
5.0%
AutoTech
5.0%
PropTech
5.0%
Fintech
25.0%
7.5%
Amount of Deals Involving Thai investors in 2019
Thai Investors’ Movements in 2019 in Thailand and Overseas

Thai investments towards Thai startups
AT LEAST
73.78M USD
Other
19%
3%
HealthTech
6%
Enterprise Platform
3%
16%
Logistic
3%
EdTech
6%
AutoTech
6%
PropTech
10%
Fintech
19%
6%

AT LEAST
134.2MUSD
Deep Tech
10%
FoodTech
10%
BioTech
10%
Energy Tech
10%
E-Commerce
10%
Service
20%
Fintech
30%
Thai Investors Go Abroad

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Thai Investors Go Abroad 2019
Startup Name Country Industry Thai Investor Funding Round Value (USD)
Aspire Singapore FinTech Beacon VC Series A 35 M USD
(include all investors)
Workmate Singapore Service Platform Beacon VC Series A 5.2 M USD
Silot Singapore FinTech Krungsri Finnovate Series A 8 M USD
Validus Singapore FinTech Addventures by SCG
Fuchsia Venture Capital Series B 25 M USD
Gojek Indonesia Service Platform SCB Series F Undisclosed
Geltor United State BioTech Bangchak Initiative and
Innovation Center (BiiC) Corporate Round Undisclosed
Enevate United State EnergyTech Bangchak Initiative and
Innovation Center (BiiC) Undisclosed Undisclosed
Flying spark Israel FoodTech Thai Union Corporate Round Undisclosed
Industries in foreign ecosystems targeted by Thai investors

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Thai Investors Go Abroad 2019
Startup Name Country Industry Thai Investor Funding Round Value (USD)
Sendo Vietnam E-Commerce Kasikornbank Series C 61 M USD
OxygenAI Singapore Deep Tech BlueBik Seed Undisclosed
Industries in foreign ecosystems targeted by Thai investors

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• There was an economic slowdown in 2019. Everyone within the business community faced
many challenges.
• Various issues within the global economy, in particular the trade war between China and the
United States caused startups and Chinese investors to take on the wait-and-watch position.
This has impacted the region.
• In 2019, Thailand held elections to elect a new government. No big moves were made by large
businesses because everyone was waiting to see how the political situation would turn out. We
expect clearer movements or actions at the beginning of 2020.
• Industries that were impacted by the economic situation in 2019 were the real estate, tourism,
and food and beverage sectors. All three suffered from a drop in purchasing power both within
the country and overseas.
Techsauce Comments on Thailand Startup Ecosystem Overview

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• Despite the new government releasing measures to counter the risks brought on by the global
economic situation, they were only short term stimulus measures that did not provide real
assistance to businesses.
• Thailand is a main market of unicorns within the Asian region, especially in the fields of service
and e-commerce.
• Most Thai startups that raised funds in 2019 had good business fundamentals, something that
cannot be overlooked by startup founders.
• Startups that were able to grow or increase their profits were quite interesting as their success
reflected on the strong business fundamentals and strategies that founders had during a time
of crisis.

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Challenge for 2020
• Foreign companies will be doing more business in Thailand. With the right strategies,
businesses can benefit from such investment.
• The struggles faced in 2019 will continue in 2020 so it is important for the business
organizations, the government, and agencies to work together. The challenge will be managing
the potential friction that could occur from such cooperation.

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Opportunities for the Thai Startup Ecosystem in 2020
• Thailand will have more opportunities if it is able to pinpoint its true strengths. There is still
room within the value chain of the global market that Thai businesses can fit into. Thailand
does not necessarily need to become Silicon Valley in order to create innovation.
• Thai startups have the opportunity to expand their businesses into Malaysia and the Philippines
because they are new markets. As for Indonesia, Vietnam, and Singapore, they are markets
best for mature startups as there is high competition.

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Expected Events for 2020
• Potential recession may lead to layoffs. More talented people will set up their own startups or
move to a new company. Wages will lower within the labor market.
• There may be more new VCs to support startups at the Seed or Pre-Seed levels.
• The venture builder program is a way for Thai corporations to incubate startups and find out
new innovation in 2020. However, it is hard for the community to discover new startups due to
accelerators dropping in numbers and venture builders focusing more on developing internal
startups.

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Advice from Techsauce Co-Founders
• We still want a space where we can meet startups that are just starting out. This should be in
the form of a structured program where you can reach a large number of startups, similar to
what has been happening in the past 1-2 years.

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Advice for Startups
• Thai startups should have strong professional back-end operations in areas such as knowledge
of legal documentation and accounting, which is important to both Thai and foreign investors.
This is just as important as profits and the structure of the business.
• Mature startups in some industries are ready to scale to overseas markets. As for other
startups, they need to really look at their operations and make sure they can build a revenue
stream.
• In 2020 startups need to be able to make profit and not rely on just raising funds.
• Startups no longer need to have rapid growth. Instead, they need to have continued growth.
• The investor that is right for us, will come to us if we are interesting enough.

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Advice for Investors
• Investment for a positive impact, whether it be on society or industry, will attract more ideal talent to
contribute to the ecosystem.
• Investors should invest to take startups to the next level. This is beneficial to investors who will gain
from a profitable exit and the industry which will see further growth.
• Even though there has been a global economic slowdown, Thailand’s market capitalization continues
to be quite large. There are still some sectors that are interesting because they still have potential
for growth. So it is a great opportunity for investors to come survey and invest in Thailand in 2020.
• Thailand remains to have many startups that can be considered “hidden gems”. It is common for
these startups to not be interested in being at the center of media attention or joining accelerators.
Having investors being a part of the community will help increase the chances of investors meeting
up with these startups.

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Contributor Comments on Thailand Startup Ecosystem Overview
• Like other parts of the economy, Thai startups found 2019 to be quite challenging. Although
there was growth, it was at a slow rate. However looking at the brighter side, the growth was
significant compared to 2018 with a total of 35 deals made, valued at US$97.55 altogether.
• There have been several major startup funding rounds (Pomelo raised US$52 million during its
Series C funding round), signalling that Thailand is ready to support the growth of startups.
• Funding rounds continued to develop, especially for seed funding to Series A and Series A to
Series B. The average amount of funds raised was higher compared to the previous year.
• “Quality” was a challenging issue for new startups, but there is room for the ecosystem to
improve this issue.
• There was an increase in the number of startups founded by former corporate employees and
new SME generation owners. Former corporate employees have expertise in their industries,
while the new generation of SME owners have strong business management skills.

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• Startups in the growth stage paid less attention to fundraising and shifted their focus on creating a
profit for their businesses in order to decrease the risks from the global economic slowdown to ensure
stable growth.
• The WeWork phenomenon has affected the overall trust in the startup ecosystem. However, it has
encouraged stakeholders to be more realistic in various aspects -- from the amount of money raised
through fundraising, business valuation, to the profits to be made from startups.
• Many Thai startups have chosen to register their companies and establish their headquarters
overseas due to conditions set by regional investors, while certain industries are not ready to support
the technology to drive businesses.
• Advantages found in Thailand are supportive regulations and measures to drive the digital economy,
as well as laws relating to digital assets and awareness of the privacy act. However, existing laws
relating to business operations continue to be obstacles to the development of startups in Thailand.
Examples of laws deterring foreign investors from coming into Thailand are those pertaining to equity
shares or capital gain taxes.

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• Thailand’s startup ecosystem and community are considered women- and LGBT-friendly, as
the country boasts a higher number of female executives compared to other countries in the
region and in western nations.
• In 2019, CVCs were still major players for business investment in Thailand.

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INDUSTRY HIGHLIGHT 2019-2020
Deep Technology
• The Deep Technology market in Thailand is still considered to be in its early stages, especially for
artificial technology. Foreign customers are much more willing to pay for artificial technology
compared to Thai companies. Meanwhile, Thai startups focusing on AI has a chance to enter
international markets. Similarly, the blockchain industry is also in its early stages like in other places in
the world.
• Highly advanced technology such as quantum computing and augmented reality has an opportunity
for growth in Thailand, however, most companies are likely to remain unsure about business potential
relating to these technologies until real use cases have been established.
• AI and blockchain are technologies that Thai companies are trying to implement, and this will open up
new opportunities for organizations to work with Thai startups who are developing solutions from these
technologies.
• Big data will become the norm in the tech industry in Thailand as well as in other sectors that have
adopted this technology.

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Food Technology
• The food technology industry will have ample opportunities as Thailand has a large supply
chain in the food industry with a sizeable market that can be value-added in many aspects.
• There are two dimensions in which businesses can benefit from the food industry:
manufacturing quality ingredients and adding creativity to the cooking process.
• In the short-term, we should encourage Thai startups to enter the market in order to increase
the movement in the food industry while promoting the adoption of technology in the industry
• In the long-term, the food industry will be competing with its know-how, from food knowledge,
creativity, to efficient management systems.

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Agriculture Technology
• Agriculture technology is potentially the area where Thailand has the most advantages as the
country is a global hub of agriculture. However, the development of agriculture technology in
the nation has not been as rapid as anticipated as the sector lacks support and real business
opportunities.
• There are a large number of researchers and university-level professors with insight on the
local area who have conducted research to address existing issues.
• However, we lack the support to adapt the knowledge and capabilities of these experts into
real business opportunities. There is also a lack of partnerships that will encourage growth in
this sector.

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Healthcare Technology
• Investors and private hospitals in Thailand are highly proactive in using healthcare technology
and have demonstrated the demand to use this technology through adoptions and partnerships.
• There are numerous healthcare startups in Thailand that have developed their own solutions
and business models. Though they may not be directly aligned with any private hospitals, there
are ample partnership opportunities.
Retail
• The retail industry has experienced more online to offline shifts as well as higher adoption of retail
tech and fintech.
• Technological infrastructure that exists today will be ready to support digital retail within the next
two years with solutions such as smart pricetages, unmanned stores, and cashierless stores.
• Thai startups still has the opportunity to develop solutions for the country’s retail industry.

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E-Commerce
• Major international players have dominated the mass market in terms of e-commerce and will
continue to do so with their funds until they have successfully converted the behavior of
consumers.
• Thailand is currently a battleground between players from China and the US. However, these
two giants have different ways of using technology. While China is focused on shopping
entertainment -- a method that combines entertainment to encourage users to log on the
platform longer and more often -- the US would rely on user data with AI technology to predict
the interests of users in order to generate more sales.
• There is still an opportunity in niche markets.
• Thai e-commerce platforms still has a chance to serve as the connector between Thai
businesses and international platforms.

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Manufacture and Supply Chain
• Thailand is a major manufacturing hub, thus, there is a large number of factories in the country
as well as numerous experts. We have seen more Thai startups developing solutions to cater to
factories, with the opportunity for domestic and international growth.
• Globally, companies that have led the software operation market are shifting to the Software as
a Service distribution model, however, the shift is occuring slowly as these companies are
massive. Meanwhile, software from large companies are highly expensive as buyers need to
pay for the entire solution, which are not suitable for small- or medium-sized factories. Thus,
there is a gap in the market for startups.
• In the future, factories will probably use the Factory as a Service model, meaning that goods
are made to order, in customized form, and at desired times, therefore, the method of factory
management will have to change and manufacturers will rely more on technology in order to
serve customers in the future.

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Financial Technology
• Thai banks have been moving quickly and now offers almost all basic services using financial technology.
• Many companies in Thailand offer cross-border financial services, however, none has dominated this
market.
• Financial services for B2B are being quickly developed, with more applications and digital services for
enterprises being introduced to the market.
• Payment gateways are still competitive.
• There will still be e-wallets, and this service will become stronger once the national e-payment system is
established. Then, e-wallets will evolve to become a financial service that relies on existing data.
• There are a lot of opportunities for startups in the areas of wealth management, financial & insurance
product platforms, and service for the underbank. Startups should also offer services directly to
consumers and seek partnerships with financial institutions that have their own customer base.

ECOSYSTEM ACTIVITY
AND FUNDING MOVEMENT
Activities within the ecosystem that include funding deals,
VC & CVC activities such as accelerators.

0.00
10.00
20.00
30.00
40.00
US$0M
US$30M
US$60M
US$90M
US$120M
2011
2012
2013
2014
2015
2016
2017
2018
2019
VALUE (M USD) DEAL
3535
3131
2726
14
21
97.55
61.25
106.10
78.17
36.30
42.72
9.73
3.101.001.00 3.10
9.73
42.72
36.30
78.17
106.10
61.25
97.55
Estimate value 2011-2019 is 434.918M USD
Overview of Thai Startup Funding from 2011-2019: Deal’s Volumn and Value

The Thailand Tech Startup Funding Movement in 2019
Recommend Deal
in 2019
52 M
Series C
11 M
Series A
10 M
Series C
AT LEAST
97.55M USD
Other
20%
InsureTech
3%
3%
HealthTech
6%
Enterprise Platform
3%
17%
Logistic
3%
EdTech
6%
AutoTech
6%
PropTech
9%
Fintech
20%
6%

US$0M
US$30M
US$60M
US$90M
US$120M
2011-2012 2013 2014 2015 2016 2017 2018 2019 END OF 2019
0.00 3.10 9.73
42.72
31.30
78.02
105.55
61.25
97.55
VALUE (M USD)
1 M 1 M
2 M 3.1 M
2 M
7 M
10.7 M
10 M
17.5 M
16 M
15 M
Recommend Startup Deals from 2011-2019
2.6 M
5.7 M
7 M 25 M ICO
65 M
19 M
20 M
10 M
7 M
52 M
10 M
11 M

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Techsauce Comments on Ecosystem Activities and Funding Movement
• Foreign investors will continue to consider investing in Thailand. Most Thai investors will be
CVCs that will focus on strategic investment.
• Investors will start to restructure their business models and seek cooperation from various
players. For example venture builders will be based on in-depth work and focused on driving
startups.
• The development of blockchain technology along with the approval of new regulations that
involve digital assets may result in a platform that is an alternative source of funding for
startups.

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Contributor Comments on Ecosystem Activities and Funding Movement
Investment Overview and Funding Activity
• Startups that have grown already, continue to raise funding. Thai startups at the Series A level
are more ready to raise funding to reach the Series B level.
• Thailand has Series C startups that have already set up large headquarters in Thailand and
more are expected to do so in 2020.
• Thai corporations continue to play an important role in investing in startups at the growth
stages, both in the form of fund-of-fund (FOF) and direct investment. Meanwhile traditional
Venture Capital firm continue to play an important role in supporting startups at the pre-seed to
Series A levels.

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Investors (1)
• There is still venture capital in Thailand, but most of it is concentrated at the growth stage.
• Corporate venture capital (CVC) is still the big player in Thailand. In 2019 various industries had
set up CVCs. More are expected in 2020.
• Even though CVCs make up the majority of the investment in the ecosystem, many
organizations do not rely on CVCs to drive innovation. CVCs are just one part of the strategy to
develop innovation within an organization. Another role that CVCs play in some organizations
is making profitable investments. Therefore there is more investment made with startups in the
growth stage, where there are more chances of making profit and strategic partnerships.
• CVCs still continue to search for strategic partners in various industries.

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Investors (2)
• Angel investors are making less investments towards startups due to slow global economic
growth. This in turn has made an impact on pre-seed level startups that are just starting out.
• Regional VCs have to compare Thai startups to others in the region. In many cases startups
overseas have more chances of getting investment because they have advantages such as a
bigger population, a bigger market, and a specific problem to be solved. So regional VCs tend
to invest in startups outside Thailand before coming to the kingdom.
• Global and regional investors still have interest in Thailand. This is reflected in the hiring of
Thais to analyze the market and foreigners making trips to survey the country.

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Investors (3)
• An example of such mature leadership is the founder of the 1st Wave group (at present it has
raised funds at Series B and above). At the same time the new generation of founders are able
to grow more, given their professionalism and their ability to create solutions that align with
creating profit, whether it is business within or outside the country.
• Other countries within the region such as Vietnam and Indonesia have regulatory risk. However
these countries are able to lower the regularity risk by having various channels of support. This
has lowered the risk to a level that is acceptable to international investors.

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The status of exits made in Thailand (1)
• Various VC funds are able to make exits with Thai startups. Returns are at an level that VCs are
satisfied with.
• Overall Thai startups have high valuations. Therefore exiting via M&A is not common. Even if
there is a deal, it would not be a large one because startups are usually taken over when they
are at the very early stages.
• There are opportunities for IPOs in Thailand, but they are at the early stages. Departments
such as the Stock Exchange of Thailand (SET) have shown interest in this issue and have
started a platform to support startups in the early stages and for their entry into the Market for
Alternative Investment (MAI) exchange.
•

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The status of exits made in Thailand (2)
• However raising funds in the market is not an easy task because the SET requires companies to
correctly manage their finances with transparency. Startups that were unable to set up an
infrastructure maturely from the beginning will not be given the permission to enter the market
by the SET. It is important to change this mindset and it is vital for the growth of startups
through IPOs.

AN IN-DEPTH LOOK
An in-depth look at funding stages such as joint ventures,
mergers, and acquisitions of tech companies.

Merge and Acquired
3%
Undisclosed
6%
Venture Round
3%
Series C
6%
Series B
6%
Series A
14%
Seed
64%
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THAI STARTUP
FUNDING STAGE
IN 2019

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TECH-BASED
JOINT VENTURES
IN THAILAND
Joint Ventures Company Year
Rabbit Line Pay
mPay,
Bangkok Smartcard
System Company
Limited (Rabbit),
LINE
2018
Kakisorn
LINE Company KBANK, LINE 2018
JD Central JD.com, Central Group 2018

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Mergers and Acquisitions of Thai Tech Companies
Company Founded Industry Value (in US
dollar)
Year of
Acquisition Acquirer Country of
Acquirer
2004 Online Payment Provider - 2008 - dtac
2017 - Omise Thailand
1998 Web Portal 10.5M 1999 - Mweb
2010 - Tencent China
2000 Software undisclosed 2007 American
2005 Online Hotel Booking undisclosed 2007 American
2009 Daily Deal Site undisclosed 2011 American
2010 Social Monitoring Tool undisclosed 2011 American
1994 E-commerce undisclosed 2012 Thailand

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dollar)
Year of
Acquirer
2007 Real Estate Portal 23 M 2011 Singapore
2006 E-commerce undisclosed 2011 Malaysia
2008 E-Books undisclosed 2014 Thailand
2005 car site 14.4M 2014 Malaysia
2003 Online Payment Gateway undisclosed 2014 Thailand
2012 marketplace undisclosed 2015 (merge) Thailand
2010 Real Estate Portal 6M 2015 Malaysia

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dollar)
Year of
Acquirer
2013 E-Commerce undisclosed 2015 Indonesia
2009 Social Media Analytics undisclosed 2015 South Korea
2013 Insurance undisclosed 2015 Thailand
2014 Social Media undisclosed 2016 Thailand
2013 Dating undisclosed 2016 Australia
- Social Media* Analytics undisclosed* 2016* Thailand
1998 Internet and Design
Institute 28.68M 2016 Japan
*Rebrand to be WISESIGHT in year 2018

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dollar)
Year of
Acquirer
- Social Media undisclosed 2017 South Korea
2001 Ecommerce** undisclosed** 2018** Thailand
Ecommerce undisclosed 2018 South Korea
Ecommerce/Finance undisclosed 2019 Singapore
** Acquired by Rakuten in 2009 and bought back by Tarad in 2016

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Techsauce Comments on An In-Depth Look
Community and Talent
• The Thai startup community has come back to talking more about the fundamentals of doing
business so that there is a foundation that is strong enough to support growth.
• Founders that were part of the first wave, who have been both mentors and role models had to
work hard in 2019 to keep their businesses afloat. This is why their contribution to the
ecosystem will be less than prior years. Despite this, they will continue to make an impact.
• We need more mentors that clearly have experience and are good role models to new upcoming
startups.
• Venture builders will be the platforms to answer the needs of talent that want to fully utilize
their capabilities to fully grow their businesses in an environment where risks are lower than if
they were to be on their own. This could be due to personal reasons such as talent having the
responsibility of taking care of their families.

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Techsauce Comments on An In-Depth Look
Regulator and Government
• We want to see “matching funds” for startups where the private sector and the government
both provide investments in order to have the right amount of funding.
• The public sector can support Thai startups to increase their capabilities to compete in various
aspects, especially in providing equal opportunity in the market. Thai startups should have
equal opportunities to compete with foreign businesses in the fields of ride-hailing, food
delivery, and e-commerce. We need more mentors that clearly have experience and are good
role models to new upcoming startups.

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Contributor Comments on An In-Depth Look
Corporate Culture
• Thai society is starting to get familiar with the startup working culture. Overall the workplace is improving.
• Corporate culture for startups still rely on using various tools to manage their work to reach their goals, but
they need to keep evolving to adapt to the size of the organization and the individual characteristics of
the company.
• The basics of the startup working culture and the tools used by startups are being adopted by
corporations more, especially if changes made boost efficiency.
• Talent is still a priority for organizations. The high competition for good talent acquisition forces
companies to make changes.
• At the end of the day, the collaborate between startups and Thai corporates is still weak. Corporates still
lack flexibility. Even if there are CVCs, there still needs to be more changes made to support strategic
partnerships.

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The situation for founders and talent
• The founders of growth stage startups are very mature, especially those who founded the ecosystem at the
beginning and helped build it to what it is today.
• The new generation of startups is still needed in the ecosystem, but at present it is very hard for startups at
the seed and the pre-seed levels to gain investment. There needs to be more support for this group.
• The new generation of startups are made up of young talent or the younger generation of already
established SMEs. This group has passion, but need more experience and skills.
• Those with experience have still not entered the startup scene. We need this group to create an impact in
terms of performance and credibility.
• There is still a lack of tech talent because the base salary for this group is too high for startups. Thai laws do
not support the giving of other forms of benefit for talent, such as employee stock option (ESOP).
• Workforce that can work well and right away is in demand for all positions.

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The government
• The government continues to be a supporter of the startup ecosystem. Overall the government has made
itself a platform for various areas. Every department aims to develop itself. The Thai Government has
provided a good structure for the ecosystem.
• The public sector can support startups in two ways. They can reduce regulatory risks by amending laws
and launching programs for areas that need support from the government. They can also use startup
products and services.
• In terms of incubating innovation, there is no country in the world that produces regulations before there is
innovation. The government should perhaps let go of some areas that do not pose much risk so that there
is space for growth.
• Producing or amending some laws will bring about equal competition for Thai businesses. It will help Thais
have the opportunity to do things that foreigners are already able to do. It will bring about options for Thais
and the government. The legalization of ride-hailing or online services will open up the doors for Thais to
develop these platforms for the country.

HTTP://TECHSAUCE.CO
Community
• A community refers to a group of people that has gathered in the startup ecosystem to
demonstrate qualitative movements and offer appropriate official and unofficial support to
others.
• In 2019, Thailand’s community has grown stronger and more diversed, as it has been successful
in attracting new talent to build the startup community.
• Thailand still lacks a strong incubation system for founders and lacks mentors who can help
create the right mindset for founders.

HTTP://TECHSAUCE.CO
Social Enterprise
• Today, social enterprises (SE) or startups that develop solutions to address social issues are more
recognized and has more engagement in the startup ecosystem in Thailand.
• SEs should find a balance between creating business and social impact: they should aim to address
social issues and generate enough profit to be self-sufficient. If SEs cannot make a profit and
shifts to becoming a CSR-driven organization, SEs will lack the freedom to pursue their own goals.
• In the future, the dividing line between SEs and startups will become more blurred, as SEs will
possess more business management skills and become more stable, while activities to promote
startups can also be adapted to SEs.
• On a global level, there are very few SEs that has reached maturity, thus, there is a lack of
awareness about this topic. In the future, if more SEs reach maturity in the aspects of social
responsibility and profit, there will be more new talents in this field.

HTTP://TECHSAUCE.CO
THAI TECH
STARTUP
ECOSYSTEM
Government

HTTP://TECHSAUCE.CO
Incubators /Accelerators
THAI TECH
STARTUP
ECOSYSTEM
(Active)
(Active)(Active)
(Active) (Active) (Active)
(Active) (Active)

HTTP://TECHSAUCE.CO
Event
THAI TECH
STARTUP
ECOSYSTEM

HTTP://TECHSAUCE.CO
Tech Media
THAI TECH
STARTUP
ECOSYSTEM AssociationEducation and Mentor
Venture Builder

HTTP://TECHSAUCE.CO
Investors (VC, Angel Group)
THAI TECH
STARTUP
ECOSYSTEM

HTTP://TECHSAUCE.CO
Name Position Company Industry
Aliza Napartivaumnuay Co-founder SocialGiver Retail
Anchana Vallipakorn CEO Baania PropTech
Apinara Srikarnchana Co-founder U drink I Drive Transportation
Apiradee Sirisomboon CEO Happenn Event
Chuencheewan
Wongsaeree
CEO Globish EdTech
Dalad Tantiprasongchai CEO FABbrigade Beauty/
Wellness
Darin Suthapong CEO Indie Dish Food
Kanpassorn
Suriyasangpetch
CEO Ooca HealthTech
THAI TECH
STARTUP
ECOSYSTEM
Women in Tech

HTTP://TECHSAUCE.CO
Kesara Roemcharoen COO Somjai PropTech
Lalin Ananbanchachai COO EXZY Digital Content
Nattanich Thongkraisaen CEO Eventbanana Marketplace
Nattaporn Suchartkullawit CMO DooTV Digital Content
Nattida Sanguansin MD Buzzebees Reward
Netita Taechathanasiri
Kesara Roemcharoen
Phruthiphon Khoosuwan
Pharcharaphan Anapreechakum
CEO, COO,
CMO,CTO Somjai PropTech
Ponglada Paniangwet CEO Freshket Marketplace
THAI TECH
STARTUP
ECOSYSTEM
Women in Tech

HTTP://TECHSAUCE.CO
Pornthip Kongchun COO Jitta FinTech
Sakunee Niranvichaiya CEO Chiiwii HealthTech
Shannon Kalayanamitr
former Orami Group's
CMO
Current: Venture Partner
of Gobi
Orami Ecommerce
Sirasom Borisutsuwan CEO U drink I Drive Transportation
Suchada Taechotirote CEO FavStay Travel
Supichaya Surapunthu CEO Piggipo FinTech
Suvita Charanwong CEO Tellscore MarTech
Thanwarat Chailert COO Chomchob Reward
THAI TECH
STARTUP
ECOSYSTEM
Women in Tech

HTTP://TECHSAUCE.CO
Thanyatorn Thitiseranee COO DriveMate Car Sharing
Thiraya Thiranakanat CEO CareerVisa EdTech
Thisana Thitisakdiskul CEO Noburo FinTech
Thitinart Nganwongpanich CEO Wear and Share Fashion
Wachira Kimhasawad COO OneStockHome PropTech
THAI TECH
STARTUP
ECOSYSTEM
Women in Tech

HTTP://TECHSAUCE.CO
THAI TECH
STARTUP
ECOSYSTEM
Angel Investor
Chualapayap Srikarnchana
Andre Hoffmann
Andre Vranjes
Chang Ng
Chintaka Ranatunga
Eduardo Saverin
Hirokazu MashitaChatchaval Jiaravanon
Ittipat Peeradechapan
Jakob Lykkegaard
Jonathan Price
Khailee Ng

HTTP://TECHSAUCE.CO
THAI TECH
STARTUP
ECOSYSTEM
Angel Investor
ken Sakakibara
Khailee Ng
Kris Nalumlien
Mike Prasad
Natavudh Pungcharoenpong
Paul Pattarapon
Piyaphan Wongyara
F
Pawoot Pongvitayapanu
Koh Boon Hwee Samer Karum
Ravi Agarwal
Sommaphat Traisorat

HTTP://TECHSAUCE.CO
THAI TECH
STARTUP
ECOSYSTEM
Angel Investor
Songphon Chaovanayothin
Supachai Kanjanasakchai
Sven Ernst
Takeshi Ebihara
Tommy Chia
Tiwa York
Toivo Annus
Vinnie Lauria
William E Heincke
Watchara Kaewsawang
Worawoot Ounjai

APPENDIX:
FUND RAISING IN ANNUAL
2011-2019

HTTP://TECHSAUCE.CO
FUNDING RAISED
IN 2011,2012
Startup Industry Amount
Fintech 1M USD
Digital Content 2M USD
Crowdfunding 104K USD
AT LEAST $3.104 M

HTTP://TECHSAUCE.CO
FUNDING RAISED
IN 2013
E-COMMERCE 628K USD
E-COMMERCE 600K USD
E-COMMERCE Under 1M USD
E-logistics 3.1M USD
Social Media Analytics 1M USD
E-logistics 160K USD
AT LEAST $9.733 M

HTTP://TECHSAUCE.CO
FUNDING RAISED
IN 2013
Insurance Undisclosed
Recruitment 100K USD
Construction 400K USD
B2B Platform 350K USD
(Mar: $150k, Nov $200
Hotel 1.16M USD
Food and Restaurant 500K USD
AT LEAST $9.733 M

HTTP://TECHSAUCE.CO
FUNDING RAISED
IN 2014
Food and Restaurant Undisclosed
Gaming 500K USD
Gaming 300K USD
Gaming Undisclosed
Payment 300K USD
Payment 2M USD
Hardware 112K USD
EdTech 620K USD
AT LEAST $42.716 M

HTTP://TECHSAUCE.CO
FUNDING RAISED
IN 2014
Insurance Undisclosed
Travel 10M USD
FinTech 70K USD
FinTech 20K USD
B2B Platform 1M USD
B2B Platform 770K USD
Hotel 620K USD
Hotel 4.5M USD
AT LEAST $42.716 M

HTTP://TECHSAUCE.CO
FUNDING RAISED
IN 2014
Payment 10.7M USD
Payment 20K USD
E-commerce/Marketplace 1.6M USD
E-commerce/Marketplace 1.5M USD
E-commerce/Marketplace 640K USD
(Jun: 220K, Jul: 100K, Aug: 320K)
(Mar: $109K + Dec: $420k)
Messaging Undisclosed
AT LEAST $42.716 M

HTTP://TECHSAUCE.CO
FUNDING RAISED
IN 2015
Payment 2.6M USD
+Undisclosed
Payment 20K USD
E-commerce/Marketplace Undisclosed
B2B Platform 5.7M USD
AT LEAST $36.295 M

HTTP://TECHSAUCE.CO
FUNDING RAISED
IN 2015
B2B Platform 1.8M USD
FinTech Undisclosed
FinTech Undisclosed
FinTech Undisclosed
Insurance 2M USD
Recruitment 125K USD
Game 5M USD
Game 750K USD
Travel Undisclosed
AT LEAST $36.295 M

HTTP://TECHSAUCE.CO
FUNDING RAISED
IN 2015
Hardware Undisclosed
Loyalty Undisclosed
Real Estate 350K USD
EdTech Undisclosed
E-logistics 5M USD
E-logistics Undisclosed
Loyalty/Reward 5M USD
AT LEAST $36.295 M

HTTP://TECHSAUCE.CO
FUNDING RAISED
IN 2016
E-commerce/Marketplace 15M USD
HQ is in IND
Series-B
AT LEAST $78.17 M

HTTP://TECHSAUCE.CO
FUNDING RAISED
IN 2016
Food and Restaurant Series-B
Food and Restaurant Series-B
FinTech Undisclosed
FinTech Undisclosed
Payment Pre-Series A
Payment 17.5M USD
Ticket system Undisclosed (VN)
Ticket system 500K USD
AT LEAST $78.17 M

HTTP://TECHSAUCE.CO
MedTech 2.5M USD
Logistic 10M USD
Logistic Undisclosed
MarTech Undisclosed
(Social nation)
Reward 300K USD
HealthTech Undisclosed
EdTech 500K USD
FUNDING RAISED
IN 2016
AT LEAST $78.17 M

HTTP://TECHSAUCE.CO
FUNDING RAISED
IN 2017
Payment 25M USD in ICO
& series B
Payment Series A
Payment Series A
FinTech 3.2M USD
FinTech 1.5M USD
FinTech 1.15M USD
Seed
Seed
AT LEAST $106.1 M
(*excl ICO)

HTTP://TECHSAUCE.CO
FUNDING RAISED
IN 2017
Seed
Seed
Logistic 65M USD
Logistic 1.65M USD
Hotel/Travel 1.5M USD
Hotel/Travel Undisclosed
Seed
Hotel/Travel Undisclosed
Seed
Reward Undisclosed
Seed
Food&Restaurant Undisclosed
Seed
AT LEAST $106.1 M
(*excl ICO)

HTTP://TECHSAUCE.CO
FUNDING RAISED
IN 2017
Seed
Seed
AgriTech Undisclosed
Seed
HealthTech Undisclosed
Seed
Crowdfunction Undisclosed
Seed
Retail 150K USD
MarTech 7.4M USD
Series A
Recruitment Undisclosed
Series A
Recruitment 3.6M USD
AT LEAST $106.1 M
(*excl ICO)

HTTP://TECHSAUCE.CO
FUNDING RAISED
IN 2017
EdTech Undisclosed
Ticket Undisclosed
PropTech Undisclosed
Seed
PropTech 300K USD
Car Sharing Undisclosed
Seed
AT LEAST $106.1 M
(*excl ICO)

HTTP://TECHSAUCE.CO
FUNDING RAISED
IN 2018
Enterprise Platform 20M USD
Enterprise Platform Undisclosed
Food / Bio and Restaurant 10M USD
Pre-Series C
Food / Bio and Restaurant 1M USD
Food / Bio and Restaurant Undisclosed
Online Printing 7.7M USD
Series A
Insurance 7M USD
AT LEAST $61.25 M
(*excl ICO)

HTTP://TECHSAUCE.CO
FUNDING RAISED
IN 2018
Travel 3M USD
Series A
Travel Undisclosed
MarTech 3M USD
Series A
MarTech Undisclosed
AgriTech 1.85M USD
Seed
Loyalty/Reward 1.6M USD
Series A
Loyalty/Reward Undisclosed
Seed
FinTech 300K USD
Seed
FinTech Undisclosed
Seed
AT LEAST $61.25 M
(*excl ICO)

HTTP://TECHSAUCE.CO
FUNDING RAISED
IN 2018
Fintech Undisclosed
Series-A
Digital Content ICO
Digital Content Undisclosed
Pre-Series C
Digital Content Undisclosed
Seed
PropTech 400K USD
Seed
Construction Undisclosed
Pre-Series B
Recruitment Undisclosed
AT LEAST $61.25 M
(*excl ICO)

HTTP://TECHSAUCE.CO
FUNDING RAISED
IN 2018
Retail Undisclosed
E-commerce / Marketplace 4.8M USD
SeriesA
E-commerce / Marketplace Undisclosed
SeriesA
E-commerce / Marketplace 0.6 M USD
Pre-Series A
E-commerce / Marketplace Undisclosed
Seed
Gaming Undisclosed
Seed
Drone & Robotic Undisclosed
Professional Service Undisclosed
Seed
PropTech
Undisclosed
SeriesA
AT LEAST $61.25 M
(*excl ICO)

HTTP://TECHSAUCE.CO
FUNDING RAISED
IN 2019
E-Commerce 10 M USD
Series C
PropTech 3.3 M USD
Series B
Fintech 2.1 M USD
Seed
Fintech 1.67 M USD
Pre-Series A
Travel Tech Undisclosed
Pre-Series A
Loyalty/ Reward Undisclosed
Series A+
E-Commerce Undisclosed
Pre-Series A
Fintech Undisclosed
Seed
Healthcare 400 K USD
Seed
AT LEAST $97.55 M

HTTP://TECHSAUCE.CO
FUNDING RAISED
IN 2019
Sharing Platform 2.2 M USD
Series A
Enterprise Solution 1.3 M USD
Series B
Logistic Undisclosed
Seed
EdTech 900 K USD
Property Tech Undisclosed
Seed
Lifestyle/ Service /
FoodTech
450 K USD
Seed
Gaming Undisclosed
Seed
Professional Service/
AutoTech
Undisclosed
Seed
Fintech 6.5 M USD
Pre-Series A
AT LEAST $97.55 M

HTTP://TECHSAUCE.CO
FUNDING RAISED
IN 2019
Food Tech / Deep Tech 1.2 M USD
Pre-Series A
Healthcare Undisclosed
Series A
Retail Undisclosed
Fintech Undisclosed
Venture Round
EdTech Undisclosed
Seed
FinTech 300 K USD
Seed
Fashion / Marketplace /
E-commerce
52 M USD
Series C
Lifestyle / Service 2.8 M USD
Series A
Marketplace 330 K USD
Seed
AT LEAST $97.55 M

HTTP://TECHSAUCE.CO
FUNDING RAISED
IN 2019
InsureTech 11 M USD
Series A
Industrial Tech Undisclosed
Pre-Series A
Fintech 1.1 M USD
Seed
Marketplace Undisclosed
Seed
Marketplace Undisclosed
Seed
Fashion/E-Commerce Undisclosed
Seed
Seed
Automotive Tech Undisclosed
Pre-Series A
AT LEAST $97.55 M

APPENDIX:
BRIDGE FINANCING
IN 2019

HTTP://TECHSAUCE.CO
BRIDGE FINANCING ACTIVITY
Fund 2019 Total deal Fund Valuation Portfolio companies
depa Digital Startup Growth Stage
Fund 15 15 2.38 M USD Arincare, JuiceInnov8, Globish, Kiddeepass, Beyond Training, Refinn, AVA, Noburo, Drivemate, Haup, iTax,
ClassCafe, Fixzy, Hybrid superaerator, CloudCommerce

APPENDIX:
INVESTMENT FUNDS RAISED
IN 2012-2019

HTTP://TECHSAUCE.CO
INVESTMENT
FUNDS RAISED
IN 2012-2019 (Pt.1)
AT LEAST $ 444.91 M
Investor Amount Year
7 M USD 2012 (Annually to 2019)
Undisclosed 2012
Undisclosed 2012
25 M USD 2013
Undisclosed 2013
Undisclosed 2013
12.7 M USD 2014
Undisclosed 2014
Undisclosed 2014

HTTP://TECHSAUCE.CO
INVESTMENT
FUNDS RAISED
IN 2012-2019 (Pt.2)
AT LEAST $ 444.91 M
10 M USD 2015
9.3 M USD 2015
10 M USD 2015
50 M USD 2016
14.65 M USD 2016 (Annually to 2019)
Undisclosed 2016
45 M USD 2017
Undisclosed 2017
Undisclosed 2017

HTTP://TECHSAUCE.CO
INVESTMENT
FUNDS RAISED
IN 2012-2019 (Pt.3)
AT LEAST $ 444.91 M
30 M USD 2017
Undisclosed 2017
Undisclosed 2017
30 M USD 2017
Undisclosed 2017
19.96 M USD 2017
45 M USD 2017
4.3 M USD 2017
Undisclosed 2017

HTTP://TECHSAUCE.CO
INVESTMENT
FUNDS RAISED
IN 2012-2019 (Pt.4)
AT LEAST $ 444.91 M
50 M USD 2018
Undisclosed 2018
10 M USD 2018
Undisclosed 2018
30 M USD 2019

APPENDIX:
THAILAND FUNDED STARTUP LIST

HTTP://TECHSAUCE.CO
Seed Series A Series B Series C Exit
THAILAND FUNDED STARTUP LIST : EXITS
Startups 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total
raised Valuation Founded Investors
Ask
Hanuman
undisclosed
(Seed)
undisclosed
(Exit) - undisclosed 2013
Alpha Founders
(S),
Acquired by
Rabbit Internet
Computerlog
y
$1 M
(Series A)
undisclosed
(Exit) $1 M undisclosed 2009
InVent Capital (A),
Acquired by Yello
Digital Marketing
Meb $1.59 M
(Exit) - $1.59 M 2013 Acquired by
Officemate
Moxy undisclosed
Acquired by Whats
New Group , then
M&A with Bilna
(rebranded to be
Orami)
Noonswoon $400 K
(Seed)
undisclosed
Andrew Vranjes (S),
Chintaka Ranatunga
(S),
Golden Gate Ventures
(S)
One2car $14.4 M
(Exit) - undisclosed 2002 Acquired by iCar
Asia
Paysbuy undisclosed
(Exit) - undisclosed Acquired by
Omise
Storylog undisclosed
(Exit) - undisclosed 2014 Acquired by
Ookbee
OBVOC undisclosed
Thoth Zocial
DGM39 undisclosed
(Exit) - undisclosed Acquired by LINE

HTTP://TECHSAUCE.CO
THAILAND FUNDED STARTUP LIST : EXITS
Startups 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total
Tarad undisclosed
TSpace Digital
Sellsuki undisclosed
(Exit) - undisclosed Acquired by LINE

HTTP://TECHSAUCE.CO
THAILAND FUNDED STARTUP LIST : SERIES C&B
Startups 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total
2C2P $1 M
(Series A)
$2 M
(Series B)
$7 M
(Series C) $10 M undisclosed 2003
DMP (A),
GMO Ventures (B &C),
Amun Capital (C)
aCommerce $3.1 M
(Seed)
$10.7 M
(Series A)
$5 M
(Series A)
$10 M
(Series A)
$65 M
(Series B)
$10 M
(Series C) $103.8 M undisclosed 2013
Ardent Capital (S&A & A2), Asia
PacificCapital(A), CyberAgent Ventures
(S & A), Sinar Mas (A &A2), Inspire
Ventures (A&A2), NTT Docomo (S & A),
JL Capital (A), Sumitomo Corporation
Equity Asia (A), Bluesky Venture(A4,B),
DKSH(A3,A,4,B,C)
Emerald Media (B) MDI Ventures (A4,B),
Kohlberg Kravis Roberts (C), January
Capital (C), Sinarmas (C), Emerald Media
(C)
Eko $1 M
(Series A)
$5,7 M
(Series A)
$2 M
(Series A)
$20 M
(Series B) $28.7 M undisclosed 2012
500 Startups (S),
Tigerlabs (S),
Wavemaker Labs (S),
Gobi Partner (A,A2,B)
ITOCHU (A2)
SMDV (B)
RedBeat Venture (AirAsia)
(B)
East Ventures (B)
Ookbee $2 M
(Series A)
$7 M
(Series B)
$19 M
(Series B)
Undisclosed
(Pre-
Series C)
$28 M undisclosed
IT Works
(1999),
Ookbee 2011
Invent (A),
Transcosmos (B1)
TenCent (B2)
Beacon VC
(Preseries-C)
Playlab $5 M
(Series B) $5 M undisclosed 2012 Monk’s Hill Ventures (B)
WearYouWa
nt
undisclosed
(Series B)
undisclosed
(Series B) Closed Closed Closed $ 1.5M + undisclosed 2011
DMP VC (A),
Starttoday
(B1),Sebrina Holdings
(B2)
IMJ (A), Julien Chalte
(A),Kimura Shinji (B1),
Opt SEA (A,B1)

HTTP://TECHSAUCE.CO
THAILAND FUNDED STARTUP LIST : SERIES C&B
Startups 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total
Omise $3 K
(Seed)
$2.6 M
(Series A)
$17.5 M
(Series B)
Undisclosed
(Series B+)
and
$25 M in ICO
Undisclosed
(Venture
Round)
$ 23.1M+
&
$25M (ICO)
undisclosed 2013
East Ventures (S &A),
500Startups (A)
500TukTuks (A),
SMDV (A,B),
Ascend Capital (A,B),
Golden Gate Ventures (A,B)
SBI Investment (B)
Ittipat Peeradechapan (S),
Krungsri (B+), Nomura (VR)
Pomelo $1.6 M
(Seed)
Undisclose
d
(Series A)
$11 M
(Series A)
$19 M
(Series B)
$52 M
(Series C) $ 83.6 M+ undisclosed 2013
Jungle Ventures (S,A), 500 Startups (S,A),
Fenox Venture Capital (S &S2),
QueensBridge Venture Partners (S), Tovio
Annus (S,C), Jonathan Price (A) Andre
Hoffmann (A,C) JD.com (B) Provident Capital
Partners (B) Lombard Private Equity (B,C)
Central Group (B,C), Start Today Ventures (B),
Ambient Sound Investments OU (C), The
Luxembourg Company Deverel (C), Provident
Growth Fund (C), InterVest Star SEA Growth
Fund (C)
Wongnai
Undisclose
d
(Series A)
Undisclose
d
(Series A)
- undisclosed 2012
Recruit
Strategic
Partners (A)
Invent (B)
Priceza
Undisclose
d
(Series A)
$7 M
(Series B)
Undisclose
d
(Series B)
- undisclosed 2010
CyberAgent
Ventures (A)
Hubert Burda
Media (B)
Eatigo
Undisclose
d
(Series B)
$15.5 M
(Series B)
$10 M
(Series B) $25.5 M+ undisclosed 2013 TripAdvisor
(B1,B2)
Baania Undisclosed
(Seed)
Undisclosed
(Series A)
$3.3 M
(Series B) $ 3.3 M undisclosed -
500 TukTuks (S,A), Krungsri
Finnovate (S,A,B),
AddVentures (S,A), PTT
(S,A) TQLD (TQM) (B) THS
Growth (Teo Hong Silom) (B)
Ecartstudio $ 1.3 M
(Series B) $ 1.3 M undisclosed 2004 InVent (B)

HTTP://TECHSAUCE.CO
THAILAND FUNDED STARTUP LIST : SERIES A
Startups 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total
Builk $400 K
(Seed)
Undisclosed
(Seed)
Undisclosed
(Pre-Series
B)
undisclosed undisclosed 2009
Project Planning
Service PLC (S),
Pawoot
millconsteel,
AddVentures (Pre-
B)
Buzzebees $5 M
(Series A)
Undisclosed
(Seed) $5M undisclosed - undisclosed
Chococard $300 K
(Seed)
$1.6M
(Series A)
Undisclosed
(Series A+) $1.9 M undisclosed -
NVestVenture (SMEs
Private Equity Trust
Fund by GSB), InVent
(A), Krungsri
Finnovate (A+)
Claim Di Undisclosed
(Seed)
$2 M
(Series A) $2 M+ undisclosed 2000
Cyber Agent Venture (A),
500 Startups (S&A),
Golden Gate Ventures (S&A), Mike
Prasad (S), Takeshi Ebihara
(Rebright Partners) (S), Samer
Karam (S),
T(ommy Chia (Super Aces Ventures)
(S), Ravi Agarwal (engageSpark).
(S),
dtac Accelerate (A), Double A (A)
Deep Pocket
(T2P)
Undisclosed
(Seed)
Undisclosed
(Series A) undisclosed undisclosed -
500Startups (S) ,
500Tuktuks (S) ,
Benchachinda
Group (S), J
Venture (A)
Digio Eatigo Eatigo Eatigo Eatigo Eatigo Eatigo Undisclosed
(Series A) Eatigo undisclosed undisclosed - InVent (A)
DriveMate Undisclosed
(Seed)
2.2 M
Series A 2.2 M undisclosed 2016
500TukTuks (S), dtac
(S) NETSOL
Technologies Inc. (A),
Isuzu UNT Group (A),
Colopl Next (A)

HTTP://TECHSAUCE.CO
Startups 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total
Eventpop $500 K
(Seed)
Undisclosed
(Series A) $ 500 K+ undisclosed 2015
KK Fund (S), Opt
SEA(S), Hirokazu
Mashita(S), Ittipat
Peeradechapan (S),
InVent (A), Beacon
(A)
Fastwork $155K
(Seed)
$550K
(Seed)
$4.8M
(Series A) $5.5M undisclosed 2016
500TukTuks (S1,S2,A),
dtac (pre-S),CyberAgent
Ventures (S2), LINE
Ventures (A),Gobi
Partners (A), Partech (A),
Vickers Venture Partners
(A)
FavStay $2.9 M
(Series A) $2.9 M undisclosed -
500TukTuk
s (A), Dusit
Thani (A)
Finnomena Undisclosed
(Seed)
$3.2M
(Series A) $ 3.2 M+ undisclosed 2016
Krungsri (A),
Benchachinda (A)
500TukTuks
(S,A),dtac(pre-S)
Getlinks $125 K
(Seed)
$500 K
(Seed)
Undisclosed
(Series A)
Undisclosed
(Series A) $625 K+ undisclosed 2015
500 Startups(S2), CyberAgent
Ventures(S), Axis Capital
Partners (A), Wellesleys (A),
Alibaba Entrepreneurs Fund
(Pre-series B) ,SEEK,Falcon
Partners VC (Pre-series B) ,
AddVentures (Pre-series B)
Giztix Undisclosed
(Seed)
$ 1.65 M
(Series A) $ 1.65 M+ undisclosed 2015
AddVentures (A),
WaveMaker (A),
KKfund (S),
500Tuktuks(S,A), dtac
(pre-S)
Gogoprint Eatigo Eatigo Eatigo Eatigo Eatigo Eatigo $ 7.7 M
(Series A) $ 7.7 M undisclosed 2015
OPG (Online
Printing
Group) (A)
GoWabi Undisclosed
(Seed)
Undisclosed
(Series A) - undisclosed 2015 500TukTuk
s (S,A)

HTTP://TECHSAUCE.CO
Startups 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total
GoWabi Undisclosed
(Seed)
Undisclosed
(Series A) - undisclosed 2015 500TukTuk
s (S,A)
HotelQuickly $1.16 M
(Series A)
$1.16 M
(Series A) $5.66 M undisclosed 2012
Boon Hwee Koh
(A),
GREE (A2),
William E.
Heinecke (A)a
Ini3 Undisclosed
(Series A) undisclosed undisclosed -
SoftBank
Ventures
Korea
JetRadar Undisclosed
(Series A) $10 M undisclosed 2009 iTech
Capital (A)
Medical
Depatures
$2.5 M
DMP(A), Hubert
Burda Media(A),
CyberAgent
Ventures(A), OPT
SEA(A)
Meticuly Undisclosed
(Series A) undisclosed undisclosed 2017 Expara (A)
Orami $15 M
(Series A)
$15 M
(Series A) $ 30 M undisclosed 2016
Sinar Mas Digital
Ventures (SMDV),
Gobi Partners,
Facebook Co-
founder, Ardent
Capital,

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Startups 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total
Playbasis Eatigo $23 K
(Seed)
$350 K
(Seed)
$770 K
(Seed)
$1.8 M
(Series A) Eatigo $2.943 M undisclosed 2012
Adrian Vanzyl (S1),
Ardent Capital (S2),
Khailee Ng (S3),
500 Startups (S3 & A),
Axis Capital Corp (S3),
Cherubic Ventures
(S3 & A), InVent (A)
QueQ $2.8 M
(Series A) $2.8 M undisclosed 2015
True Incube (A),
Bon Angels
Venture Partners
(A)
Roojai $ 7M
(Series A) $7M undisclosed 2016
IFC
(International
finance
corporation)
Stamp
Undisclose
d
(Series A)
undisclosed undisclosed 2015
Golden Gate
Ventures (A),
Altpoint
Ventures (A)
Sendit
Undisclose
d
(Series A)
$ 2.5 M undisclosed 2014
DMP(A), Hubert
Burda Media(A),
CyberAgent
Ventures(A), OPT
SEA(A)
Sunday
Insurance
$10 M
(Series A)
$11 M
(Series A) $ 21 M undisclosed 2017
Vertex Ventures
(A1,A2), Quona
Capital (A2)
Tourkrub
Undisclose
d
(Seed)
$ 3 M
500TukTuks (S,A),
KingPower Click (A), ,
SMEs Private Equity
Trust Fund by GSB
via Premier Advisory
Group (A),

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Startups 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total
Work
Venture
$420 K
(Seed)
$ 3.6 M
Sommaphat
Traisorat (S)
undisclosed
for Series A
YDM
Thailand
$3 M
(Series A) $ 3 M undisclosed -
InVent (A),
nvestventures (A),
Premier Advisory
Group (SMEs Private
Equity Trust Fund by
GSB and SET)
Zanroo Eatigo Eatigo $7.4 M
(Series A) $ 7.4 M undisclosed - ShiftVentures
(A)

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THAILAND FUNDED STARTUP LIST : SEED FUNDING
Startups 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total
Anipipo $104.29 K
(Seed) $104.29 K undisclosed 2011
Kentaro
Sakakibara
(S), Samurai
Incubate (S)
Apply
Sphere
$500 K
(Seed)
Undisclosed
(Seed)
Undisclosed
(Seed) $500 K+ undisclosed 2013
Unlimited
Capital (S)
SiriVentures
(S2)
Asiola Undisclosed
(Seed) - undisclosed - 500
TukTuks (S)
Blisby $300 K
(Seed) $300 K undisclosed 2013
500 Startups
(S), DeNA (S),
East Ventures
(S)
Bellugg Undisclosed
(Pre-Series A) - undisclosed 2016
Expara (Pre-
A),
500TukTuks
(Pre-A)
Bitkub Undisclosed
(Seed)
2.1 M
(Seed)
1.67 M
(Pre-Series A)
$ 3.77 M undisclosed 2016
dtac (S), SeaX
Ventures (S),
Siamrath (S)
Blue Parking Undisclosed
(Seed) - undisclosed 2017
Bluebik (S),
THS Growth
(S)

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Startups 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total
Buzzcommerce Eatigo $300 K
(Seed) Eatigo - undisclosed 2014
East
Ventures
(S)
Cloud
Commerce
Undisclosed
(Seed)
Undisclosed
(Seed)
Undisclosed
(Pre-Series
A)
- undisclosed 2016
Pawoot Pongpitayapanu (S)
500Tuktuks (S, Pre-A),
Intania Open Innovation
Club (IOIC) (S), dtac
accelerate (S), Expara (Pre-
A), SET (Pre-A), CU
Innovation (Pre-A)
Chomchob Undisclosed
(Seed) - undisclosed - 500Tuktuk
(S)
Cookly Undisclosed
(Seed) - undisclosed 2015 500Tuktuk
(S)
DealCha Undisclosed
500TukTuks
(S),Next Tech (S),
SOLERA Investment
(S), Robert Lomnitz
(S)
DeepSpark Undisclosed
(Seed)
Undisclosed
500TukTuks
(S1,S2),
Chanwanich(S)
, JVenture (S)
Deliveree Undisclosed
Ardent Capital
(S), Inspire
VEntures (S)

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Startups 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total
Drivebot Eatigo Undisclosed
(Seed) Eatigo $ 112 K undisclosed 2013
Crowdfund
ed via
Indiegogo
Digital
Butler
Undisclosed - undisclosed -
Origin,
Kasikorn
Bank
Doctor A to
Z
$ 400 K
(Seed) $ 400 K undisclosed - Invent (S)
Energaia Undisclosed
(Seed) - undisclosed 2009 500TukTuk
s (S)
Event
Carnival
Undisclosed
East
Ventures
(S)
Event
Banana
Undisclosed
(Seed)
$ 0.65M
(Seed) - undisclosed -
500TukTuks (S,S2),
Expara (SMEs
Private Equity Trust
Fund by GSB and
SET) (S2), JASPAL
Group (S2)
ETRAN Undisclosed
(Pre-Series A) - undisclosed 2015 Undisclosed
(Pre-A)

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Startups 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total
FindYourSpace $ 30K
(Seed)
$ 45K
(Seed)
$ 45K
(Seed)
$300K
(Seed) $ 420 K undisclosed 2014 Re A Pra
(S)
Fixzy Eatigo Undisclosed
(Seed)
$300 K
(Seed)
Undisclosed
(Seed) $ 300K + undisclosed 2015
Iyara VC (S1),
Three
undisclosed
angels
(S2),SCassest
Freshket Undisclosed
500TukTuk
s (S), dtac
(pre-S)
FoodStory $1 M
(Seed) $ 1M undisclosed 2012 Wongnai (S)
GetVan Undisclosed
500Tuktuk
s (Fund II)
(S)
Globish $ 160 K
(Pre-Seed)
$ 180 K
(Undisclosed)
$ 900 K
(Undisclosed) $ 1.24 M undisclosed 2014
dtac accelerate Batch 5 (Pre-S),
Rosewood Capital (Pre-S), Mr.Jan-
Christian Rosemeyer (Pre-S), Tiger
Wings (2017), Mr.Chaiyapon
Chawanwanitchai (2017),
Boon Ventures (2017), NVest
Ventures (SMEs Private Equity Trust
Fund by GSB and SET) (2019) ,
BonAngels VC (2019), Rarejob
(2019)
Ginja Undisclosed
(Seed) - undisclosed - 500TukTuk
s (S)

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Startups 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total
GolfDigg $700 K
(Seed) $700 K $2.8 M 2013 InVent
Capital (S)
HG Robotics Undisclosed
Add
Ventures by
SCG
Healthathome Undisclosed
dtac (pre-S)
Muangthai
Insurance (S)
500Tuktuks
(S)
Hipflat $335 K
8capital Partners
(S),
Chang Ng (S),
Crystal horse
Investments (S),
Kris Nalamlieng (S)
Hola Eatigo Undisclosed
(Seed) - undisclosed 2013 undisclosed
Horganice Undisclosed
(Seed) - undisclosed Beacon VC
(S)
HUBBA $350 K
500 Startups(S),
500 TuksTuks(S),
Ardent Capital (S)
Golden Gate
Ventures (S)

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Startups 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total
HungryHub $ 450 K
(Seed) $450 K undisclosed
Expara (S)
500TukTuks
(Fund II) (S)
IndieDish Undisclosed
dtac (pre-
S),
500Tuktuk
(S)
Infofed Undisclosed
(Seed) - undisclosed
KKfund (S),
Eventpop
(S)
Infinity
Levels
$500 K
(Seed) $500 K undisclosed 2013 InVent
Capital (S)
instawash Undisclosed
(Seed)
Undisclosed
500Tuktuk
(S), dtac
accelerate (S)
Jiita Eatigo $6.5 M
(Pre-Series A) $6.5 M undisclosed 2014
Beacon VC
(Pre-A),
Mr.Pattarapon
Silapajarn
Jobtalents Eatigo $100 K
Natavudh
Pungcharoenpong
(S), Sangboon
Sangmanee (S),
Polapat Udomphol
(S)

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Startups 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total
Jubjai $500 K
(Seed) $500 K undisclosed - -
JuiceInnov8 Undisclosed
(Seed)
$1.2 M
(Pre-Series A) - undisclosed 2014
500Tuktuk (S,
Pre-A), 500
Durians (Pre-A)
KEEPS Undisclosed
(Seed) - undisclosed 2019 Bluebik (S)
Kinkao Undisclosed
(Seed) - undisclosed 500Tuktuk
(S)
Magic Box
Asia
$300 K
(Seed) $300 K $3,358,338 2013
Quan (S),
Natavudh
Pungcharoenpong (S),
Pawoot Pongpitayapanu
(S),
Suphachai Kanjanasakchai
(S),
East Ventures (S)
Meditech
Solution
$160 K
(Seed) $160 K $562 K 2009 InVent (S)
MoneyTable $1.5M
(Seed)
Undisclosed
(Seed) $ 1.5 M undisclosed -
Kejora (S), K2Venture
(S)
Chualapayap
Srikarnchana (S)
Chatchaval
Jiaravanon (S)

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Startups 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total
Nasket Eatigo $150K
(Seed)
Undisclosed
(Seed) Undisclosed $150K+ undisclosed -
Worawoot
ounjai, Pawoot
Pongvitayapanu
OneStockHome Undisclosed
(Seed) - undisclosed 2009 500TukTuk
s (S)
OnionShack Undisclosed
(Seed) - undisclosed - SiriVentures
(S)
OpenDurian Undisclosed
(Seed) - undisclosed 2013 500 Tuktuks II
(S)
Page 365 Undisclosed
(Seed)
Undisclosed
Galaxy
Ventures (S2),
Inspire
Ventures (S)
Panya
Studio
Undisclosed
(Seed) - $3,358,338 2018
500
TukTuks
(S), Santora
Nakama (S)
Peak $20 K
(Seed)
$300 K
(Seed) $320 K $562 K 2014
True Incube (S),
M8VC (S), Expara
(SMEs Private
Equity Trust Fund
by GSB and SET)

HTTP://TECHSAUCE.CO
Startups 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total
PenguinT Undisclosed
(Seed) - undisclosed - 500Tuktuk
(S)
Plizz $300 K
(Seed) $ 300 K undisclosed 2015 REAPRA (S)
Piggipo Eatigo $70 K
(Seed)
Undisclosed
(Seed) $70 K+ undisclosed 2013
Ookbee (S), dtac
(S),
500TukTuks (S),
GoldenGate
Venture (S)
PlanforFit Undisclosed
muru-D (S),
RCL
Accelerator
(S)
Ricult $ 600K
(Seed)
$1.85
(Seed) $2.45 M undisclosed 2016
dtac (pre-S)
Bill & Melinda Gates
Foundation (S,S2),
Chanwanich Group
(S2), Wavemaker (S2),
500Tuktuks (S2)
Seekster Undisclosed
(Seed) undisclosed undisclosed -
Digital
Ventures (S)
dtac (S)
500 TukTuks
(S)
SiamCarDeal $ 330 K
(Seed) $ 330 K undisclosed 2016
500
Tuktuks II
(S)

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Startups 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total
Skilllane Undisclosed
(Seed)
Undisclosed
Metaliq Growth
Partners (S)
Ittipat
Peeradechapan
(S2)
500Tuktuk (S1)
Social
Nation
$500K
(Seed)
Undisclosed
(Seed) $ 500 K + undisclosed 2014
InVent (S), BDMI (S),
Danhua Capital (S),
Greycroft Partner (S),
Index Ventures (S), Suisse
Capital Global
Management, Virtual
Reality Investments (S),
Wonder Ventures (S)
STYLHUNT $25 K
(Seed)
$500 K
500 TukTuks (S2),
CyberAgent Ventures
(S2), Expara IDM
Ventures (S2), Singapore
Angel Network (S2),
JFDI.Asia (S1)
Paul Pattarapon
Sinlapajan
SystemStone Undisclosed
(Seed)
Undisclosed
(Pre-Series A) - undisclosed -
True Incube (S),
Expara (Pre-A),
dtac accelerate
(Pre-A)
Tellscore Undisclosed
Pawoot
Pongvitayapanu
(S)
Treasurist $ 1.1 M
(Seed) $ 1.1 M undisclosed - Undisclosed
(S)
U Lease Undisclosed
Pawoot
Pongvitayapanu
(S)

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Startups 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total
Venue E Undisclosed
(Seed) - undisclosed - Event Pop (S)
VVR Asia Undisclosed
(Seed) - undisclosed - Invent (S)
Zmyhome $400 K
(Seed) $400 K undisclosed - KKfund (S)

APPENDIX:
VC ACTIVITY IN THAILAND

HTTP://TECHSAUCE.CO
Investor 2011 2012 2013 2014 2015 2016 2017 2018 2019 Total deal Portfolio companies
500 Startups 6 3 3 12
Playbasis (S3 &A),Pomelo (S) Taamkru (S), HUBBA (S),
Blisby(S), ClaimDi (S,A),Eko (S), Yogatrail (S), Omise
(A), getlinks(S), Deep Pocket (S)
500 TukTuks 10 12 16 12 9 59
Blisby (S), HUBBA (S), Omise (B),Flowaccount (S), Skootar (S),
Wisebeer (S), Takemetour (S), Stylhunt (S), Washbox24 (S),ClaimDi (A)
Piggipo (S), DeepPocket (S,A), Fastwork (S), GizTix (S,A), Ginja (S), TicketBox (S), Finnomena (S,A), OneStockHome (S), Skilllane (S2),
StockRadars (S),Pomelo(A),
Cookly(S),Freshket(S),Favstay(A),Tourkrub(S),Asiola(S), Baania (S), Drivemate (S), Seekster (S), IndieDish (S), Event Banana (S), Ricult
(S), Health at Home (S), DealCha (S), Gowabi (S), PenguinT (S), CloudCommerce (S), Chomchob (S), bellugg (S), Panya (S),
DeepSparks(S),Kinkao (S),Energaia (S),JuiceInnov8 (S), Instawash (S), GetVan (S), HungryHub (Fund II) (S), OpenDurian (Fund II) (S)
8capital Partners 1 1 Hipflat (S)
AddVentures 2 2 4
Giztix (A), Baania (S), Builk (Pre-B) , Getlinks (Pre-
Series B), HG Robotics, Ralali*, Dekoruma*
*Not Thai companies
Alibaba 1 1 Getlinks
Alpha Founders 1 1 ASK Haunman (S)
Altpoint Ventures 1 1 Stamp (A)

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Amun Capital 1 1 2C2P (C)
Ardent Capital 1 2 2 1 6 Playbasis (S2 &S3), Whats New Asia (S), Deliveree (S),
HUBBA (S), Orami (A)
Ascend Capital 2 1 3 Omise (A,B), Sendit (A)
Asia Pacific Capital 1 1 aCommerce (A)
Axis Capital Corp 1 1 2 Playbasis (S3), Getlink (A)
Beacon VC 2 3 2 7
Flow account (S2), Eventpop (A), Ookbee (C), Grab*
(H), Instarem* (C), Horganice (S), Jitta (Pre-A)
*Intl Startup
Benchachinda Group 1 1 2 Deep Pocket (S), Finnomena (A)

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Blue Sky Venture 1 1 2 aCommerce (A4,B)
Bill & Melinda Gates 1 1 Ricult (S1,S2)
Central Group 1 1 Pomelo (B)
Chanwanich 1 1 Result (S2)
Cherubic Ventures 1 1 Playbasis (S3 &A)
Crystal Horse
Investments 1 1 Hipflat (S)
CyberAgent Ventures 2 1 2 2 1 8
aCommerce (S &A), Priceza (A), StockRadars (S),
Medical Departures (A), ClaimDi (A), getlinks(S),
Fastwork (S2)

HTTP://TECHSAUCE.CO
depa Digital Startup
Growth Stage Fund 15 15
Arincare, JuiceInnov8, Globish, Kiddeepass, Beyond Training,
Refinn, AVA, Noburo, Drivemate, Haup, iTax, ClassCafe, Fixzy,
Hybrid superaerator, CloudCommerce
DeNA 1 1 Blisby (S)
Digital Media Partners
(DMP) 1 1 1 1 4 2C2P (A) WearYouWant (A) & (B), Medical Departures
(A)
Digital Ventures 1 4 2 7
Ripple*, Pulse ID*, IndoorAtlas*, Paykey*,
1Qbit*,Pagaya*, Seekster (S)
* Not Thai companies
DKSH 1 1 1 3 aCommence (A3,A4,B,C)
dtac 1 4 6 11 12 12 14 60
Fast in flow(pre-S),Piggipo(S),StoryLog(pre-S),DriveBot(pre-S),ClaimDi,(A),Skootar(pre-S),TakeMeTour(pre-S),SuperRFQ(pre-
S),GizTix(pre-S),TechFarm(pre-S),ZmyHome(pre-S), Finnomena(pre-S), WearandShare(pre-S), Fabbrigade(pre-S), Savinsure(pre-S),
Freshket(pre-S), Fastwork(pre-S), CloudCommerce(pre-S), Health at Home(pre-S), Visionear(pre-S), PlanforFit (pre-S),
Eventpass(pre-S),Drivemate (S), Seekster (S),Cookly (pre-S), Creden (pre-S), Globish (pre-S), IndieDish (pre-S),Ricult (pre-S),
ScoutOut (pre-S), Senseino (pre-S), Shiftspace (pre-S),Tixget (pre-S), Tourkrub (pre-S),CareerVisa(Pre-S),DoctorA-Z(Pre-S),Event
Banana (Pre-S),Gowabi(Pre-S),Kochii(Pre-S),Kohlife(Pre-S),Noburo(Pre-S),Ooca(Pre-S),Penguint(Pre-S),Somjai Home Loan (Pre-
S),Zwiz.ai(Pre-S), Bitkub (Pre-A) System Stone (Pre-A), Instawash (S), Arincare (pre-S), Fingas (pre-S), Foodie (pre-S), Hisobus (pre-
S) , Kinkao (pre-S), LING (pre-S), Loops (pre-S), Skooldio (pre-S), Sneak (pre-S), Trash Lucky (pre-S), Viabus (pre-S), Ztrus (pre-S)
Dusit Thani 1 1 FavStay(A)

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Emerald Media 1 1 aCommerce (B)
Expara Ventures 1 2 5 8
Stylhunt (S), Peak (S)*,Eventbanana (S2)*, Hungry
Hub (S), Cloud Commerce (Pre-A), Bellugg (Pre-A),
Meticuly (A), SystemStone ( Pre-A)
Falcon Partners VC 1 1 Getlinks
Fenox Venture Capital 1 2 Pomelo (S1 & S2)
Galaxy Ventures 1 1 Page 365 (S)
GMO Partners 1 1 2 2C2P (B&C)
Gobi Partners 1 1 1 1 4 Eko (A,A2), Orami, Fastwork (A)

HTTP://TECHSAUCE.CO
Golden Gate Ventures 1 1 4 1 1 8 Noonswoon (S), HUBBA (S), ClaimDi (S,A),
Omise (A,B), Stamp (A), Piggipo (S), Flowaccount (S2)
GREE 1 1 Hotel Quickly (A2
Hubert Burda Media 2 2 Medical Departures (A), Priceza (B)
iCar Asia 1 1 One2car (Acquisition)
IFC (International
finance corporation) 1 1 Roojai (A)
IMJ Investment
Partners 2 2 Taamkru (S), WearYouWant (A)
Inspire Venture 2 2 4 aCommerce (A &A2), Page 365 (S) deliveree (S)

HTTP://TECHSAUCE.CO
InVent 1 2 1 3 3 3 3 2 18
Ookbee (A), Meditech (S),Computerlogy (A), Golfdigg (S), Infinity Levels (S),
Sinoze (S),Playbasis (A), ShopSpot (S), Wongnai (B),
Social Nation (S), Digio (A), Shopback* (A), Eventpop (A), YDM Thailand (A),
Chococard (A), VVR (S) *SG startup, Doctor A to Z (S), Ecartstudio (B)
iProperty Group 1 1 ThinkofLiving (Acquisition)
iTech Capital 1 1 JetRadar (A)
ITOCHU 1 1 Eko (A2)
JASPAL Group 1 1 Event banana (S2)
J Venture 1 1 Deep Pocket (A)
JD.com 1 1 Pomelo (B)

HTTP://TECHSAUCE.CO
JFDI.Asia 1 2 3 Shopspot (S), Rushbike (S), StylHunt (S)
JL Capital 1 1 aCommerce (A)
Jungle Ventures 1 1 1 3 Shopspot (S), Pomelo (S,A)
K2Ventures 1 1 Money Table (S)
Kejora 1 1 Money Table (S)
Krungsri Finnovate 3 1 2 6 Finnomena (A), Omise (B+), Baania (S,A,B), Chococard
(A+)
KKFund 2 1 3 Eventpop(S), Giztix (S), ZmyHome (S)

HTTP://TECHSAUCE.CO
LINE Ventures 1 1 Fastwork (A)
Lombard Private
Equity 1 1 Pomelo (B)
M8VC 1 1 Peak (S)
Muang Thai Insurance 1 1 2 HealthatHome (S), C88* (C) * Not Thai Companies
M&S Partners 1 1 Taamkru (S)
MDI Ventures 1 1 2 aCommerce (A4,B)
Metaliq Growth
Partners 1 1 SkillLane (S)

HTTP://TECHSAUCE.CO
Millconstell 1 1 Builk
Monk’s Hill Venture 1 1 Playlab (B)
Muru-D 1 1 Planforfit (S)
NTT Docomo Ventures 1 1 2 aCommerce (S &A)
Next Tech 1 1 DealCha (S)
NVestVenture 2 2 Chococard (S)*, YDM Thailand * (A), Globlish
Ookbee 3 3 Taamkru (S), Piggipo (S), Ticketbox

HTTP://TECHSAUCE.CO
OPG 1 1 Gogoprint (A)
OPT SEA 1 1 2 4 WearYouWant (A) & (B1), Eventpop(S),Medical
Departures (A)
Partech 1 1 Fastwork (A)
Premier Advisory
Group 1 1 YDM Thailand*
Priceza 1 1 Primecapture (S)
Project Planning
Service (PPS) 1 1 Builk (S)
Provident Capital
Partners 1 1 Pomelo (B)

HTTP://TECHSAUCE.CO
PTT 1 1 Baania (S)
Quan 1 1 Magic Box Asia (S)
Queensbridge Venture
Partners 1 1 Pomelo (S)
Re A Pra 1 1 FindYourSpace or Propertyflow (S)
Recruit Holdings 1 1 Wongnai (A2)
Recruit Strategic
Partners 1 Wongnai (A)
Redbeat Ventures
(AirAsia) 1 1 Eko (B)

HTTP://TECHSAUCE.CO
Sansiri 6 6
Standard International, Hi-End, One Night,
Hostmaker,JustCo, Farm shelf, Monocle
*** Not Thai companies
Santora Nakama 1 1 Panya Studio (S)
SC Asset 1 1 Fixzy (S3)
Sebrina Holdings 1 1 WearYouWant (B2)
Seek Group 1 1 Getlinks
Samurai Incubate 1 1 Anipipo (S)
SBI Investment 1 1 2 Omise (B), Flowaccount (S2)

HTTP://TECHSAUCE.CO
ShiftVenture 1 1 Zanroo(A)
SiriVentures 3 3
Farm shelf*, Neuron Mobility*,Techmetics*,Semtive*,astralink*, Onionshack,
Appy Sphere
*Not Thai companies
Singtel Innov8 1 1 2 Shopspot (S2)
SMDV 1 1 2 1 5 aCommerce (A &A2), Omise (A,B), Orami (A), Oko (B)
Softbank Ventures
Korea 1 1 ini3 (?)
SOLERA Investment 1 1 DealCha (S)
Start Today 1 1 WearYouWant (B1)

HTTP://TECHSAUCE.CO
Sumitomo Equity
Corporation Asia 1 1 aCommerce (A)
Tencent Holdings 1 1 Ookbee (C)
Tigerlabs 1 Eko (S)
Transcosmos 1 Ookbee (B)
TripAdvisor 1 1 2 Eatigo (B1, B2)
True Incube 2 1 2 1 6
Sellsuki (S), Peak (S), Lotadata*, Eureka Analytics*,
QueQ (A)
*Not Thai Companies
Unlimited Capital 1 1 2 Appy Hotel (S & A)

HTTP://TECHSAUCE.CO
Transcosmos 1 Ookbee (B)
TripAdvisor 1 1 2 Eatigo (B1, B2)
True Incube 2 1 2 5 Sellsuki (S), Peak (S), Lotadata*, Eureka Analytics*
*Not Thai Companies
Unlimited Capital 1 1 2 Appy Hotel (S & A)
Velos partners 1 1 Orami (A)
Vickers Venture
Partners 1 1 Fastwork (A)
Wavemaker 1 1 1 3 Eko (S), Giztix (A), Ricult (S2)

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Velos partners 1 1 Orami (A)
Vickers Venture
Partners 1 1 Fastwork (A)
Wavemaker 1 1 1 3 Eko (S), Giztix (A), Ricult (S2)
Wellesleys 1 1 Getlink (A)

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CONTRIBUTOR
Entrepreneur in Residence - Wework
Labs
Paul Ark
Krating Poonpol
President - Kasikorn Business-
Technology Group
Founding Partner - 500
Tuktuks
Nutthawud Pungcharoenpong
CEO - Ookbee
Thanawat Malabuppha
President - Thailand E-Commerce
Association
Dr.Chanikarn
Wongviriyawong
Founder and CEO - Eatlab
Dr.Chinawut Chinaprayoon
Executive Vice President - Digital
Economy Promotion Agency (depa)
Monthida McCoole
Board Member - Female
Founders
Dr.Panachit Kittipanya-ngam
President - Thai Tech Startup
Association
Rungsun Promprasith
CEO - QueQ
Shannon Kalayanamitr
Venture Partner - Gobi Partner
Thanapong Na Ranong
Managing Director - Beacon
Ventures
President - Thai VC
Association

FOR MORE INFORMATION OR ANY INQUIRIES
HTTP://TECHSAUCE.CO
Techsauce Global
@techsauceth contact@techsauce.co
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Thailand tech startup ecosystem report 2019 by techsauce

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