500 TukTuks increases fund size to US$12mil

By Digital News Asia November 30, 2015

Says first batch of investments created greater investor confidence
Intends to invest in 60-70 Thai startups over next 3yrs

500 TukTuks increases fund size to US$12mil

500 TukTuks, the Thailand-focused micro-fund spun off by Silicon Valley’s 500 Startups earlier this year, said it will be increasing its fund size from US$10 million to US$12 million.

According to 500 TukTuks investing partner Krating Poonpol, its first batch of investments sparked more investor confidence in the Thai startup scene, which led to an increase in funds.

“So we decided to increase the fund size to US$12 million and will invest in 60 to 70 Thai startups over the next three years,” he said in a statement.

“This is a good sign for the startup ecosystem and for the country as a whole, because it shows that more people are willing to support Thai startup community,” he said at the recent Echelon Thailand 2015 event in Bangkok, organised by Singapore-headquartered regional startup blog e.27.

At Echelon Thailand, 500 TukTuks also confirmed its first 10 investments:

Omise: A gateway designed to make payments easier for everyone, which also just got more funding from the Golden Gate Venture.

Claim Di: An app for claiming insurance, which just raised follow-on Series A funding of US$2 million.

Blisby: An online marketplace for craft and handmade products in Thailand.

Hubba: The first co-working space in Thailand (pic above).

Wishbeer: A premium craft beer e-commerce store.

Skootar: A platform to find cheaper but more reliable messengers to deliver packages or documents.

FlowAccount: A cloud-based accounting platform for small and medium businesses.

TakeMeTour: An online marketplace that matches travellers with local experts.

Stylhunt: E-commerce fashion platform.

WashBox24: The ‘laundry Dropbox’ with an app to track clothes and notify customers.

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