Thailand to launch $568m venture fund

"We aim to increase the number of start-ups in Thailand to 10,000 by 2018," said Uttama Savanayana, the country's information and communication technology minister, The Bangkok Post reported. "The year 2016 is a golden year for Thailand's start-up industry."

The fund plans to support regional expansion for 2,500 existing start-ups. This effort is expected to be further supported by THB40 million in vouchers for tech-focused companies from the National Science & Technology Development Agency.

The move coincides with the launch of the government's "Startup Thailand 2016" business forum in Bangkok and a digital infrastructure initiative aimed at improving internet access through the establishment of 2,000 network facilities nationwide. The program is targeting coverage of about 3,000-4,000 unconnected villages within two years.

Historically, most VC funds in Thailand have been managed by international firms with a focus on expansion or mezzanine-stage finance. Foreign confidence in the country's early-stage venture potential, however, was demonstrated last year by the launch of a $10 million Thai fund by US firm 500 Startups. 

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