Thailand tech startup ecosystem report 2018 by techsauce (Updated Oct 2019)

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COPYRIGHT 2018 TECHSAUCE CO.,LTD
INVESTOR GUIDE
THAILAND
TECH STARTUP
ECOSYSTEM REPORT
2018

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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.
techsauce.co TechsauceTH contact@techsauce.co
ABOUTTECHSAUCE
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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 2011-2018
• Investment Fund Raised in 2012-2018
• Startup Funded Stage 2011-2018
• VC Activity in Thailand 2011-2018
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
69.03 M
Population
Not fragmented
57.00 M
Internet User
(82% penetration)
124.8 M
Mobile Subscription
(180% est. On Population)
46.00 M
Active Mobile Social Users
(67% penetration)
55.56 M
Unique Mobile
Users
30%
Mobile users 4G
Subscription
Source : nbtc.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
61.25M USD
Other
17%
Construction
3%
AgriTech
3%
Robotic
3%
Enterprise Platform
6%
E-Commerce Marketplace
11%
Reward
6% Marketing Tech
6%
Travel Tech
6%
Digital Content
9%
PropTech
9%
Fintech
9%
Food/Bio/Restaurant
14%
Note: This report uses only data disclosed to the public.
An Overview of Thailand’s Tech Startup Deals in 2018
(Percentage represents the number of deals made.)
2018 Tech Startup Deals
Other: Recruitment, Gaming,
Professional Service, Insurtech,
Online Service and Retail

AT LEAST
106.7 M USD
Other
15.6%
AgTech
3.1%
Robotic
3.1%
Enterprise platform
3.1%
Digital Content
3.1%
Transportation
3.1%
Deep Tech
6.3%
Travel
6.3%
MarTech
6.3%
PropTech
6.3%
Reward
6.3%
FinTech
12.5%
ecommerce/marketplace
12.5%
Food/Bio/Restaurant
12.5%
Thai Investors’ Movements in 2018 in Thailand and Overseas
Thai Investor Deals Made in 2018
Other: Gaming, Professional Service,
Construction, Recruitment and Retail Note: This report uses only data disclosed to the public.

AT LEAST 11.7 M
USD
Other
22%
Robotic
4%
PropTech
4%
Enterprise platform
4%
AgTech
4%
PropTech
4%
FinTech
11%
Reward
7%
Travel
7%
MarTech
7%
ecommerce/marketplace
11%
Food/Bio/Restaurant
15%
Other: Recruitment, Digital Content,
Gaming, Professional Service, Insurtech,
Online Service and Retail
Thai investments towards Thai startups
The Thai Investors Behind Thailand’s 2018 Startup Movement

AT LEAST 95M
USD
Deep Tech
36%
E-Commerce
18%
Trasportation
9%
Fintech
36%
Industries in foreign ecosystems targeted
by Thai investors
Thai Investors Go Abroad

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Thai Investors Go Abroad 2018
Startup Name Country Industry Thai Investor Funding Round Value (USD)
Ralali Indonesia E-Commerce AddVentures by SCG Undisclosed Undisclosed
Dekoruma Indonesia E-Commerce AddVentures by SCG Series B Undisclosed
Grab Malaysia Transportation Beacon VC (Kbank) Series H 50 M
Instarem Singapore FinTech Beacon VC (Kbank) Series C 45 M
Pagaya Investments Israel FinTech Digital Ventures Series B Undisclosed
1Qbit Canada Quantum Computing
(Deep Tech) Digital Ventures Series B Undisclosed
demystdata Singapore FinTech Digital Ventures Series B Undisclosed
Techmetics USA Robotic (Deep Tech) SiriVentures by Sansiri Venture Round Undisclosed
Industries in foreign ecosystems targeted by Thai investors

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Thai Investors Go Abroad 2018
Startup Name Country Industry Thai Investor Funding Round Value (USD)
Lotadata US AI (Deep Tech) True Incube Undisclosed Undisclosed
Eureka Analytic Indonesia AI (Deep Tech) True Incube Undisclosed Undisclosed
C88 Fintech Singapore FinTech MuangThai Fuchsia
Ventures Series C Undisclosed
Industries in foreign ecosystems targeted by Thai investors

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INDUSTRY HIGHLIGHT 2018-2019
- Biggest sector that grows
rapidly and has execution
clearly
- Get lots of attention from
investors
- More mature sector with
multiple deals in seed stage as
well as Series A & B
E-Commerce
- Have become a global trend
- Thailand will be more extensive use
of technology through these tech
startups
- There are small amount of Thai
startups comparing to foreign ones,
even though the agricultural industry
is quite big. But many are more
focusing on the marketplace instead.
FoodTech, BioTech and AgriTech
- Becoming more interesting for
child development in the level
of kindergarten or even pre-
kindergarten.
- Reskill : Professional also
interest to upgrade their skill to
fit “Disruptive Era”
EdTech
- Be now attracting many
investors
- Be great for Aging Society
HealthTech FinTech
- Still being interested by many because it
is a big market. The investment in FinTech
is still high.
- The FinTech market is not big, high
competitive, which whoever wants to
compete must have technology
supporting. There are only a few Startups
who have product/business that fit in the
VC
- One of technological disruption
and will be more recognized once
there is Ecosystem, which it
should be available in 2020.
- The InsurTech era is not far-
reaching and starts with
automobile insurance prior to
health insurance.
InsurTech

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• The consumer behavior of Thais has not yet fully adopted making payments for online services
in exception for entertainment content such as for gaming. This has been a challenge for B2C
startups and has given more opportunity for B2B businesses. However B2B businesses must
rely on the experience and connections of founders.
• Key players within the ecosystem are expected to help drive fundamental businesses of the
country more. These businesses are in the sectors of education, agriculture and food. This
includes industries such as health and tourism as presently there are few startups within these
fields.
Techsauce Comments on Thailand Startup Ecosystem Overview

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• Super Apps are definitely going to appear in 2019. This coincides with the business pattern of
big corporations overseas, which is to expand and turn to building their own payment platforms.
The transition from being a non-financial to a financial company that offers loans, insurance
and health services will impact many corporate players. Should startups compete head on with
these big corporations, it will be difficult. Startups need to turn their attention to niche markets
such as vertical e-commerce and e-commerce enabling.
• Thai startups that think of ways to collaborate with big players such as super apps will have
opportunity to survive and grow.

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• Digital lending platforms will boom in Thailand within 2019 from partnerships between Thai
banks and online service providers. There will be consumer data to analyze consumer behaviors
by using AI for applications for general loans along with loans for specific professions and we
will see startups in specific areas such as credit scoring and startups developing AI to analyze
loan applications more.
• CVCs will still have interest in Deep Tech funds and Deep Tech startups that are overseas in
countries such as Israel, China and the United States.

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Contributor Comments on Thailand Startup Ecosystem Overview
• There has been increased investment in startups in both Thailand and ASEAN. It can be seen
from the continuous investment into Southeast Asia by China. This has spurred the growth of
companies and has created a positive outlook for the region.
• Currently, the Startup Ecosystem is much stronger and is considered completed in all aspects.
There has been an expansion of various sectors as more types of startups are sprouting in
areas such as HealthTech, FoodTech, AgriTech, DeepTech, etc.
• Thailand is still very premature when it comes to foreign venture capital funds. The current Thai
investment trend is corporate venture capital (CVC), especially in the mainstream market.
• Newly launched startups are initiated by entrepreneurs aiming to scale to the international
market. There is an expansion into countries in Southeast Asia, bringing about different
concepts and different market landscapes.

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• There is support from the government. The government has been making an effort, but nothing
tangible has been made. It is hoped that the public sector will integrate startup technology into
government organizations in the future.
• Business sectors and banks have a better understanding of new technology and have invested in
partnerships. Therefore when compared to the past, the search for VCs is now easier for startups.
Now they no longer have to travel oversea to reach one as they are now accessible in the
country.
• The era of horizontal commerce is now replaced with the focus on B2B vertical focus.
• The horizontal platform that sells various types of B2C and C2C products is now dominated by big
players like Lazada and Shopee, making it more difficult for new startups to compete. However,
there are still opportunities in the B2B vertical platform because new startups still have a chance
to create a barrier to entry by creating an integrated supply chain and addressing specific needs
of customers in their industry.

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• Many Thai investors are not confident investing in e-commerce. Only foreign experts who have a stable
financial status are still investing. These foreign investors are Chinese startups adjusting their business models.
Competing against them in the marketplace is very difficult.
• Due to the strong growth of e-commerce volume in Thailand and Southeast Asia, there is an opportunity for e-
commerce enabler startups. Startups that help improve businesses are more likely to capture the growing
number of e-commerce waves. It is an opportunity for new startups to solve existing problems on payment as
well.
• Platforms such as commerce, search and social media platforms are now more easily accepted by Thais. These
three platforms depend on each other. However, these platforms haven’t generated profit yet.
• Cross border is a trend. Many businesses that start to go online will have the opportunity to become more
cross-border. This trend can be observed from big global business in Thailand and Southeast Asia.
• Offline commerce even plays an important role in Southeast Asia. It will change the pattern of growth in the
form of omnichannel where businesses have to learn to acquire customers both online and offline like having a
store front. Various technologies such as AI will play a role in enhancing customer experience more than in the
past.

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• The cryptocurrencies market in Thailand is not big enough and the global cryptocurrencies
market is at a downtrend. The trend that is still able to continue is the investment of privates at
the seed level.
• There is good tech talent available in Thailand, but there is still not enough. Language barrier is
one of the issues that interrupt the development. Thailand needs to have an actual good Tech
Talent Hero. There needs to be a push for more Thai tech talent in the region, which currently
Thailand is doing it now, but slowly.
• Tech talents in Thailand cannot keep up with the trend, especially the CFO and CTO. There has
been an interruption from regulations. The key problem is amendments need to be made. One
thing that the government can do is improve the incentive scheme planning in order to attract
more foreign tech talents

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• Startups should focus on technology and should find a CTO who can manage both technology
and personnel.
• More awareness of the startup scene has been created but not everyone is ready to launch a
startup. There has been a big push, but this push should have been a more thorough process
that not only focuses on becoming a business leader. Personnel need to have a wider point of
view that is not just based on becoming a founder or a CEO.
• Technology that will become more active in Thailand and Southeast Asia is AI and Blockchain.
AI can bring about various data for processing and value can be created from the data to be
used in various industries. Meanwhile Blockchain can provide many opportunities if it is used
with logistics or smart contracts.

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• The trend that is attracting investment is DeepTech, but high technology needs to be used. The
most valuable companies today are big DeepTech giants.Hence, it is more important to create
deep value and use DeepTech to create more value for the business.
• DeepTech emphasizing on the F&B industry is on its way. The food industry in Thailand is
already good. Thailand has many food scientists and food researchers. We see ourselves as the
leading agricultural country, so DeepTech startups in the FoodTech and AgriTech industry are
much more advanced. FoodTech and AgriTech in Thailand that is value-added with DeepTech
will support sustainable growth.
• AgriTech has many sectors. The sectors that have higher opportunities are agriculture and
agricultural insurance that uses FinTech to solve the high prices of fruit and vegetables. The
rate of development in AgriTech is similar to that of other sectors where there is a need for more
support from the government and private sectors.

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• In order for a FoodTech and AgriTech revolution to start, there needs to be a huge leap taken in
Thailand. The government and private sector need to see the potential in FoodTech and
AgriTech. AgriTech is now becoming more interesting as universities and government
organizations have shown support and interest. However it is not enough. More is needed to
make startups in the agriculture industry become more attractive.
• FoodTech is among the sectors that have high potential. There is a FoodTech community in
Thailand and there is interest in FoodTech as there are great opportunities. However execution
of the technology is difficult.

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
VALUE (M USD) DEAL
35
3131
2726
14
21
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
Estimate value 2011-2018 is 337.368M USD
Overview of Thai Startup Funding from 2011-2018: Deal and Value

Active Investors and Accelerators in Thailand in 2018
0
45
90
135
180
2012 2015 2017 2018
ACTIVE VC&CVC IN THAILAND ACTIVE ANGEL
INVESTORS IN THAILAND
ACCELERATORS

The Thailand Tech Startup Funding Movement in 2018
Recommend Deal
in 2018
20 M
Series B
10 M
Series B
7.7 M
Series AOther: Recruitment, Gaming, Professional Service,
Insurtech, Online Service and Retail
AT LEAST
61.25M USD
Other
17%
Construction
3%
AgriTech
3%
Robotic
3%
Enterprise Platform
6%
E-Commerce Marketplace
11%
Reward
6% Marketing Tech
6%
Travel Tech
6%
Digital Content
9%
PropTech
9%
Fintech
9%
Food/Bio/Restaurant
14%

US$0M
US$30M
US$60M
US$90M
US$120M
2011-2012 2013 2014 2015 2016 2017 END OF 2017
VALUE (M USD)
1 M 1 M
2 M
7 M
2.6 M
5.7 M
2 M 3.1 M 10.7 M
25 M ICO
65 M
17.5 M 16 M
10 M 15 M
Overview of Startup Funding from 2011-2017: Deal and Value
7 M
19 M

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Techsauce Comments on Ecosystem Activities and Funding Movement
• There is an increase of Thai startups raising funds. However large funds raised are still from
entrepreneurs that are expats. Meanwhile there are few startups that are Thai entrepreneurs at
the growth stage.
• Thai startups are to raise funds overseas gradually and startups are leaning towards setting up
headquarters overseas in order to receive money from foreign countries. Should startups set
up their headquarters overseas, they may not be considered Thai startups even if the
entrepreneurs are Thai.
• Thailand will start seeing accelerators in specific areas such as AI, Blockchain and Deep Tech
like overseas ecosystems.

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• Corporates have learnt from their experiences in the past year. They know that accelerators
that are generally open to all sectors may not produce appropriate strategic partners.
Therefore setting a goal is important in helping set a direction and an appropriate process of
accelerators. If corporates still view accelerators as the solution, an importance needs to be
given to selecting the right startups and emphasizing on having startups end up really working
with organizations.
• In 2019 medium-sized corporates will turn to corporate innovation in order to search for
opportunities to work with startups and attract more talent.
• Setting up funds to invest in startups is not necessary for every corporation. There are many
methods that corporates can use in order to innovate. It starts with the strengths of each
organization.

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• There will be more players taking on corporation innovation, but corporates may not continue to
rely on big traditional consulting firms due to high costs and the inability of firms to execute in
a timely manner. Corporates must search for corporate innovation developers that are ready to
execute quickly and are able to be partners at an affordable price.
• Innovation will come from entrepreneurship. Organizations must create a new entrepreneurial
culture with new positions that produces capable talent. This has to start with HR prioritizing
this movement and being active, along with giving opportunities for middle and upper level
staff to have more decision-making power.
• Corporate accelerators in 2018 have discovered it is quite difficult to find startups that are
relevant to them. They have gained more knowledge on what types of startups are the best fit
for their businesses. Corporates still wishing to have accelerators will need to change how they
invest in the programs so that funding is more directly given to support startups. It is also
important to have a new objective by taking startups overseas.

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Contributor Comments on Ecosystem Activities and Funding Movement
• In the past 3-4 years, Series A startups are increasing in numbers while Series B startups still
need to raise funds abroad. Most of corporate venture capital firms in Thailand have not been
investing in startups at Series B and beyond.
• Startups are currently mainstream as many foreign companies have joined and brought in a
variety of businesses. There is now more investment in Series A startups and the numbers of
accelerators are increasing. In spite of this, Thai Series B startups are still challenged with
getting funding.
• CVCs and VCs will become more professional and standardized. Now CVCs and VCs have more
expertise and more concrete standards. There is now a standard of expertise and
professionalism that startups need to have.
• VCs are focusing on private investment. Private investment plays a vital role in fostering a
strong startup ecosystem. They mostly invest in early-stage startups, mainly in marketplaces.

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Contributor Comments on Ecosystem Activities and Funding Movement
• The ecology in Southeast Asia is not that big and everything does not support startups
automatically. Companies need to make their business opportunities by themselves. Most
startups need to reduce causes of errors and create proficient businesses.
• In the next several years, there will be a steady growth of funded startups (not related to
quality) while CVCs have started to have more competition.
• We may see more and the VC market will be more competitive, which will boost the number of
startups.

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

Merge and Acquired
6%Undisclosed
11%
Series B
9%
Series A
26%
Seed
49%
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THAI STARTUP
FUNDING STAGE
IN 2018

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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

50 M Undisclosed
10 M
INVESTMENT
FUNDS
HIGHLIGHT
IN 2018
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Undisclosed

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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 Thailand
** Acquired by Rakuten in 2009 and bought back by Tarad in 2016

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Techsauce Comments on An In-Depth Look
• Crossing over rounds such as Seed to Series A and from Series A to B remains to be the main
obstacle for Thai startups. In order to step up from Series A to Series B, companies need to be
able to scale to the regional market. Startups that can do this continue to receive funding, but
the number of startups that can do this remains limited.
• CVCs in Thailand focus on investing in startups that are at the Growth stage and above. So
those at the Seed level must rely on VCs, which are limited in Thailand and are not as popular
as those in the Southeast Asian region.
• During 2019-2020 there will be an opportunity to see many exciting exits from Thai startups as
a result of both M&A and IPOs. These exits could be a chance for the talented startup founders
to in turn create new things within the ecosystem once again.

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THAI TECH
STARTUP
ECOSYSTEM
Government

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Incubators /Accelerators
THAI TECH
STARTUP
ECOSYSTEM

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Event
THAI TECH
STARTUP
ECOSYSTEM

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Tech Media
THAI TECH
STARTUP
ECOSYSTEM Venture Builder
Education and Mentor
Association

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Investors (VC, Angel Group)
THAI TECH
STARTUP
ECOSYSTEM

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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

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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

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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

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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

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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

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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

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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
2011-2018

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FUNDING RAISED
IN 2011,2012
Startup Industry Amount
Fintech 1M USD
Digital Content 2M USD
Crowdfunding 104K USD
AT LEAST $3.104 M

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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

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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

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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)

APPENDIX:
INVESTMENT FUNDS RAISED
IN 2012-2018

HTTP://TECHSAUCE.CO
INVESTMENT
FUNDS RAISED
IN 2012-2018 (Pt.1)
AT LEAST $ 414.91 M
Investor Amount Year
7 M 2012 (Annually to 2018)
Undisclosed 2012
Undisclosed 2012
25 M 2013
Undisclosed 2013
Undisclosed 2013
12.7 M 2014
Undisclosed 2014
Undisclosed 2014

HTTP://TECHSAUCE.CO
INVESTMENT
FUNDS RAISED
IN 2012-2018 (Pt.2)
AT LEAST $ 414.91 M
10 M 2015
9.3 M 2015
10 M 2015
50 M 2016
14.65 M 2016 (Annually to 2018)
Undisclosed 2016
45 M 2017
Undisclosed 2017
Undisclosed 2017

HTTP://TECHSAUCE.CO
INVESTMENT
FUNDS RAISED
IN 2012-2018 (Pt.3)
AT LEAST $ 414.91 M
30 M 2017
Undisclosed 2017
Undisclosed 2017
30 M 2017
Undisclosed 2017
19.96 M 2017
45 M 2017
4.3 M 2017
Undisclosed 2017

HTTP://TECHSAUCE.CO
INVESTMENT
FUNDS RAISED
IN 2012-2018 (Pt.4)
AT LEAST $ 414.91 M
50 M 2018
Undisclosed 2018
10 M 2018
Undisclosed 2018

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 Total
raised Valuation Founded Investors
Ask Hanuman undisclosed
(Seed)
undisclosed
(Exit) - undisclosed 2013
Alpha Founders (S),
Acquired by Rabbit
Internet
Computerlogy $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)
Acquired by DateTix
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
(Exit) - undisclosed Acquired by 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 Total
Tarad undisclosed
(Exit) - undisclosed Acquired by
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 Total
aCommerce $3.1 M
(Seed)
$10.7 M
(Series A)
$5 M
(Series A)
$10 M
(Series A)
$65 M
(Series B) $93.8 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)
Emerald Media (B)
MDI Ventures (A4,B)
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)
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)
WearYouWant undisclosed
(Series B)
undisclosed
(Series B) Close Close $ 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 Total
Omise $3 K
(Seed)
$2.6 M
(Series A)
$17.5 M
(Series B)
Undisclosed of
(Series B+)
and
$25 M in ICO
$ 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+)
Pomelo $1.6 M
(Seed)
Undisclosed
(Series A)
$11 M
(Series A)
$19 M
(Series B) $ 31.6 M+ undisclosed 2013
Jungle Ventures (S,A),
500 Startups (S,A), Fenox Venture Capital
(S &S2), QueensBridge Venture Partners
(S),
Tovio Annus (S)
Jonathan Price (A)
Andre Hoffmann (A)
JD.com (B)
Provident Capital Partners (B) Lombard
Private Equity (B)
Central Group (B)
Start Today Ventures (B)
Wongnai Undisclosed
(Series A)
Undisclosed
(Series A) - undisclosed 2012
Recruit
Strategic
Partners (A)
Invent (B)
Priceza Undisclosed
(Series A)
$7 M
(Series B)
Undisclosed
(Series B) - undisclosed 2010
CyberAgent
Ventures (A)
Hubert Burda
Media (B)
Eatigo Undisclosed
(Series B)
$15.5 M
(Series B)
$10 M
(Series B) $25.5 M+ undisclosed 2013 TripAdvisor
(B1,B2)

HTTP://TECHSAUCE.CO
THAILAND FUNDED STARTUP LIST : SERIES A
Startups 2011 2012 2013 2014 2015 2016 2017 2018 Total
Baania Undisclosed
(Seed)
Undisclosed
(Series A) - undisclosed -
500 TukTuks (S,A),
Krungsri Finnovate
(S,A), AddVentures
(S,A), PTT (S,A)
Builk $400 K
(Seed)
Undisclosed
(Seed)
Undisclosed
(Series A) 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) $1.9 M undisclosed -
NVestVenture
(SMEs Private
Equity Trust Fund
by GSB), InVent (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)
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)

HTTP://TECHSAUCE.CO
Startups 2011 2012 2013 2014 2015 2016 2017 2018 Total
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 -
500TukTuks
(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 500TukTuks
(S,A)

HTTP://TECHSAUCE.CO
Startups 2011 2012 2013 2014 2015 2016 2017 2018 Total
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)
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,
Velos Partners
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)
Roojai $ 7M
(Series A) $7M undisclosed 2016
IFC
(International
finance
corporation)

HTTP://TECHSAUCE.CO
Startups 2011 2012 2013 2014 2015 2016 2017 2018 Total
Sendit Undisclosed
DMP(A), Hubert
Burda Media(A),
CyberAgent
Ventures(A), OPT
SEA(A)
Stamp Undisclosed
(Series A) undisclosed undisclosed 2015
Golden Gate
Ventures (A),
Altpoint
Ventures (A)
Tourkrub Undisclosed
(Seed)
$ 3 M
500TukTuks (S,A),
KingPower Click (A), ,
SMEs Private Equity
Trust Fund by GSB via
Premier Advisory
Group (A),
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)

HTTP://TECHSAUCE.CO
THAILAND FUNDED STARTUP LIST : SEED FUNDING
Startups 2011 2012 2013 2014 2015 2016 2017 2018 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)
Bitkub Undisclosed
(Seed) - undisclosed 2016 dtac (Pre-A)
Buzzcommerce Eatigo $300 K
(Seed) Eatigo - undisclosed 2014 East
Ventures (S)

HTTP://TECHSAUCE.CO
Startups 2011 2012 2013 2014 2015 2016 2017 2018 Total
Cloud
Commerce
Undisclosed
(Seed)
Undisclosed
(Seed) - undisclosed 2016
Pawoot Pongpitayapanu
(S)
500Tuktuks (S), Intania
Open Innovation Club
(IOIC) (S), dtac
accelerate (S)
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
500TukTuks (S),
Chanwanich(S),
JVenture (S)
Deliveree Undisclosed
Ardent Capital
(S), Inspire
VEntures (S)
Drivebot Eatigo Undisclosed
(Seed) Eatigo $ 112 K undisclosed 2013
Crowdfunde
d via
Indiegogo

HTTP://TECHSAUCE.CO
Startups 2011 2012 2013 2014 2015 2016 2017 2018 Total
Digital Butler Undisclosed - undisclosed -
Origin,
Kasikorn
Bank
DriveMate Undisclosed
(Seed) - undisclosed 2016 500TukTuks
(S), dtac (S)
Energaia Undisclosed
(S)
Event
Carnival
Undisclosed
(Seed) - undisclosed 2014 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)
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 (S3)

HTTP://TECHSAUCE.CO
Startups 2011 2012 2013 2014 2015 2016 2017 2018 Total
Freshket Undisclosed
500TukTuks
(S), dtac
(pre-S)
FoodStory $1 M
(Seed) $ 1M undisclosed 2012 Wongnai (S)
Ginja Undisclosed
(Seed) - undisclosed - 500TukTuks
(S)
GolfDigg $700 K
(Seed) $700 K $2.8 M 2013 InVent
Capital (S)
HG Robotics Undisclosed
Add
Ventures by
SCG
Hola Eatigo Undisclosed
(Seed) - undisclosed 2013 undisclosed

HTTP://TECHSAUCE.CO
Startups 2011 2012 2013 2014 2015 2016 2017 2018 Total
Healthathome Undisclosed
dtac (pre-S)
Muangthai
Insurance (S)
500Tuktuks (S)
HUBBA $350 K
500 Startups(S),
500 TuksTuks(S),
Ardent Capital (S)
Golden Gate
Ventures (S)
Hipflat $335 K
8capital Partners (S),
Chang Ng (S),
Crystal horse
Investments (S),
Kris Nalamlieng (S)
IndieDish Undisclosed
dtac (pre-S),
500Tuktuk
(S)
Infinity
Levels
$500 K
(Seed) $500 K undisclosed 2013 InVent
Capital (S)
instawash Undisclosed
(S)
Jobtalents Eatigo $100 K
Natavudh
Pungcharoenpong
(S), Sangboon
Sangmanee (S),
Polapat Udomphol (S)

HTTP://TECHSAUCE.CO
Startups 2011 2012 2013 2014 2015 2016 2017 2018 Total
Jubjai $500 K
(Seed) $500 K undisclosed - -
JuiceInnov8 Undisclosed
(Seed) - undisclosed 2014 500Tuktuk
(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)
Nasket Eatigo $150K
(Seed)
Undisclosed
(Seed) $150K+ undisclosed - Worawoot
ounjai

HTTP://TECHSAUCE.CO
Startups 2011 2012 2013 2014 2015 2016 2017 2018 Total
OneStockHome Undisclosed
(S)
OnionShack Undisclosed
(Seed) - undisclosed - SiriVentures
(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)
PenguinT Undisclosed
(S)
Piggipo Eatigo $70 K
(Seed)
Undisclosed
(Seed) $70 K+ undisclosed 2013
Ookbee (S), dtac (S),
500TukTuks (S),
GoldenGate Venture
(S)

HTTP://TECHSAUCE.CO
Startups 2011 2012 2013 2014 2015 2016 2017 2018 Total
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)
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

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Startups 2011 2012 2013 2014 2015 2016 2017 2018 Total
Tellscore Undisclosed
Pawoot
Pongvitaya
panu (S)
VVR Asia Undisclosed
(Seed) - undisclosed - Invent (S)
Zmyhome $400 K
(Seed) $400 K undisclosed - KKfund (S)

APPENDIX:
VC ACTIVITY IN THAILAND

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Startups 2011 2012 2013 2014 2015 2016 2017 2018 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 51
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)
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 5
Flow account (S2), Eventpop (A), Ookbee (C), Grab* (H),
Instarem* (C)
*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)

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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)
dtac 1 4 6 11 12 12 46
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)
Dusit Thani 1 1 FavStay(A)
Emerald Media 1 1 aCommerce (B)

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Expara Ventures 1 2 3 Stylhunt (S), Peak (S)*,Eventbanana (S2)*
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)
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)

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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)
InVent 1 2 1 3 3 3 3 16
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
iProperty Group 1 1 ThinkofLiving (Acquisition)

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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)
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)

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K2Ventures 1 1 Money Table (S)
Kejora 1 1 Money Table (S)
Krungsri Finnovate 3 3 Finnomena (A), Omise (B+), Baania (S)
KKFund 2 1 3 Eventpop(S), Giztix (S), ZmyHome (S)
LINE Ventures 1 1 Fastwork (A)
Lombard Private Equity 1 1 Pomelo (B)
M8VC 1 1 Peak (S)

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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)
Millconstell 1 1 Builk
Monk’s Hill Venture 1 1 Playlab (B)
Muru-D 1 1 Planforfit (S)

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NTT Docomo Ventures 1 1 2 aCommerce (S &A)
Next Tech 1 1 DealCha (S)
NVestVenture 2 2 Chococard (S)*, YDM Thailand * (A)
Ookbee 3 3 Taamkru (S), Piggipo (S), Ticketbox
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*

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Priceza 1 1 Primecapture (S)
Project Planning
Service (PPS) 1 1 Builk (S)
Provident Capital
Partners 1 1 Pomelo (B)
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)

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Recruit Strategic
Partners 1 Wongnai (A)
Redbeat Ventures
(AirAsia) 1 1 Eko (B)
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)

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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)
Sumitomo Equity
Corporation Asia 1 1 aCommerce (A)
Tencent Holdings 1 1 Ookbee (C)

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Tigerlabs 1 Eko (S)
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)
Wellesleys 1 1 Getlink (A)

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CONTRIBUTOR
Aukrit Unahalekhaka
Anix Lynch
Ezra Don Harinsut
Dr. Joshua W. Pas
Nutthawud
Pungcharoenpong
Krating Poonpol
Patai Padungtin
Paul Ark
Pornthip Kongchun
Thanawat Malabuppha
Peng T. Ong
Managing Partner - Expara
Lynch
Co-Founder & CEO - Ricult
Co-Founder & COO - Omise
Managing Director -
Addventures by SCG
Founding Partner - 500
Tuktuks
Co-CEO - Six Network
CEO - Builk One Group
Managing Director, Corporate
Ventures CapitalDigital Ventures
Managing Partner
Monk’s Hill Ventures
COO - Jitta
President
Thailand E-Commerce
Association

FOR MORE INFORMATION OR ANY INQUIRIES
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Techsauce Global
@techsauceth contact@techsauce.co
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Thailand tech startup ecosystem report 2018 by techsauce (Updated Oct 2019)

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