500 Startups raises $8.3m for enlarged Thai fund

According to a regulatory filing, the firm is seeking an additional $6.7 million with the vehicle after increasing the expected corpus to $15 million. The fund was launched early last year with an aim of raising $10 million and investing about $75,000 per start-up alongside other investors, with follow-on commitments of up to $150,000 for the most prospective plays.

500 Startups claims to be the first major Silicon Valley accelerator and seed stage investor in the local Thai market. It expects TukTuks to provide access to a global network of venture professionals that can help Thai companies succeed in the both the US and global market.

TukTuks' investment activity has included a $2.6 million Series A round for Thailand-based payment solutions start-up Omise which is planning to expand into Japan. The fund has now invested in 20 local tech start-ups, with seed and Series A commitments of up to $250,000 per company, according to Thailand's The Nation.

Interest in Thailand's emerging start-up ecosystem was piqued earlier this year with the launch of a THB20 billion ($571 million) venture fund as part of a government economic modernization agenda. Historically, most VC funds in Thailand have been managed by international firms with a focus on expansion or mezzanine-stage finance.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Save this article  
• Send to  

• Topics
• Southeast Asia
• Technology
• Fundraising
• Growth
• Early-stage
• Thailand
• 500 Startups
• seed
• Venture