Krungsri Finnovate, formed by the eponymous Thai bank in mid-2017, could be doubled in size to $60m as it looks to increase the size of its investments.
Thailand-headquartered financial services firm Krungsri is considering doubling the size of its venture capital vehicle, Krungsri Finnovate, to $60m, managing Director Sam Tanskul has told DealStreetAsia.
Krungsri Finnovate was launched in May 2017 with $30m of capital and the unit has since invested some $15m in three companies including real estate data software developer Baana, as well as SBI AI and Blockchain Fund, which is being raised by financial services provider SBI.
The fund intends to use the remaining $15m to invest in four companies and a fund based in Israel or China this year, after which a further $30m could be supplied as part of a move that will involve increasing the size of its investments.
Tanksul explained: “The board is considering pouring an additional $30m into the fund. The difference is the additional corpus is planned for use in 2020 alone as the ticket sizes for attractive startups have become much larger. We might have had $1-2m ticket sizes previously, but it may now increase to $4-5m per deal.”
