As Thailand looks to become a hub for dynamic new startups, the government is sitting up and listening with a potential ฿3 billion (US$85 million) venture capital (VC) fund on the horizon.
Deal Street Asia reports that the cabinet is expected to pass the resolution for the VC fund within just two weeks as the government intends to support and nurture the country’s burgeoning startup ecosystem.
The fund will focus on new companies thought to have high potential and rapid growth before them who are lacking the seed capital to currently reach their full potential.
It’s thought that there are around 2,500 startups operating in Thailand as of last year, from just 300 back in 2013, and US$70 million is expected to be pumped into the scene during this coming year.
Additionally, the Finance Ministry has formed the National Startup Committee, which will be staffed with representatives across the private and public sectors with the intent of assisting startups in accessing investors and capital while also providing mentorship.
This news comes in the wake of rumours that SCB bank is to launch its own US$50 million VC fund for the country’s startups before the end of Q1 2016, as well as forming a subsidiary to invest around 1 percent of the bank’s profit into much needed FinTech related research.
Also hoping to bring together startups and investors in a knowledge-sharing and networking conference is local meetup group Bangkok Entrepreneurs, who are hosting the Thailand Startup Summit 2016 at the end of March. All details on the event, including ticket prices and confirmed speakers, can be found here.
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