Category: In the news

Vertex Ventures Southeast Asia and India (“Vertex SEA/India”) announces KASIKORNBANK (KBank) as its first Thailand Limited Partner (LP) and the first Bank investor for the Fund III.

Besides providing insights into frontier opportunities in the region, Vertex’s global network will also enable KBank to leapfrog into the world arena and be kept abreast of innovative technology and business models in other geographies.

KBank, one of the largest banks in Thailand, has recently launched Beacon Venture Capital, a new organization which invests into Venture Capital Funds and startups with financial innovations that align with KBank’s strategies. The initial capital of Beacon VC is THB 1 billion; its investment policy includes direct investments in Thai and foreign startups, and investments via leading VC funds. The company is led by Mr. Thanapong Na Ranong as Managing Director.

Fintech is one of the target focus areas for this fund, as digital technology unlocks value in the financial sector. Vertex SEA/India has invested in various fintech opportunities including Instarem, an international online remittance platform; Validus, an SME lending platform; and Turnkey Lender, a cloud-based bank-grade loan management platform. Mr Chua is ambitious about this prospect: “We intend to tap on KBank’s knowledge as we invest in the Fintech sector in the region.”

Vertex Ventures SEA Management, licensed by Monetary Authority of Singapore (MAS), raises this latest fund on the heels of multiple growing successes in its previous portfolios, most notably, Grab, which raised US$2.5 billion from Softbank and Didi Chuxing in July 2017. Vertex SEA/India is also the first institutional investor in notable companies in the region including Patsnap, M17/Paktor and Reebonz. Fund III will continue Vertex’s strategy of investing in promising, disruptive and transformational opportunities and build them into global champions. On the back of its track record and leading position in the region, Fund III has exceeded its original target fund size of US$150M. It is now working towards final closing.

 

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Also in:

Bloomberg (English), DealstreetAsia (English), Tech in Asia (English), The Nation (English)

Thailand-based online accounting SaaS company FlowAccount raises a $1.15 million Pre-Series A round from SBI Investment, Beacon Venture Capital, Golden Gate Ventures and 500 TukTuks.

 

The winner of AIS The Startup 2015 expects swift customer base expansion. Currently, over 10,000 companies are active FlowAccount subscribers, with more than 100,000 tax invoices issued each month via the system. In response to government policies, the company plans to provide e-tax invoices and act as a platform to connect other solutions for convenient and efficient back office operations. Among them are ‘Food Solution’ – a digital solution for comprehensive restaurant management – that was launched in May; a Payroll app linked to KBank’s K PLUS SME application, which was introduced in August to facilitate easy, speedy salary payments to employees; and Fastpay that facilitates easier payments to suppliers. This allows FlowAccount customers to conduct financial transactions faster and more conveniently, thus, they aim to further upgrade their system to perform even greater feats in cooperation with business partners.

 

 

FlowAccount was primarily designed for startups. Their very user friendly automated accounting software enables operators to send out billings within two minutes, even though they may not have an accounting background. With just one click, they can use a free service with basic functions such as sending price quotations, trade invoices and even generate tax invoices. Additional functions include inventory management, accrued-expense balance, staff salaries and other reports that help startup entrepreneurs to run their business professionally. Users can access the online accounting service anywhere they are and at any time using a computer or the mobile application available for both iOS and Android, in Thai or English. FlowAccount also regularly organizes workshops to provide tips on basic accounting for startup entrepreneurs and SME owners.

 

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Also in :
Techcrunch (English), DealstreetAsia (English), e27 (English), Brand Inside (Thai), Techsauce (Thai)

Beacon Venture Capital (Beacon VC), the corporate venture capital arm of Kasikornbank PCL (SET: KBANK), announced its investment into a Pre-Series A round of Cryptomind Group Holdings (Cryptomind Group), a leading digital asset advisory and investment business in Thailand. The funding, for an undisclosed amount, will allow Cryptomind to scale up operations in digital asset services including its digital asset advisory services and digital asset fund management in the future.

 

Mr. Thanapong Na Ranong, Managing Director of Beacon VC, announced that “Beacon VC’s strategic investment in Cryptomind Group opens the door for Beacon VC and Kasikornbank to enter into this new and exciting territory of blockchain and digital assets market. Cryptomind has a very strong reputation within the Thai digital asset communities as well as an impressive organic growth over the past year in its fund management business. Additionally, we are impressed with the founding team who are the thought leaders and key supporters driving the awareness and adoption of digital assets in Thailand”

Cryptomind Group represents Beacon VC’s first direct investment in a digital asset-related businessy. This investment marks the 15th direct investment in startups across Southeast Asia. Beacon VC’s previous investments include Southeast Asia’s fast-growing neobank application Aspire Financial Technologies, global cross-border payment company Nium, ride-hailing and financial services unicorn Grab and automotive marketplace unicorn Carro.

 

Mr. Akaradet Diawpanich, Founder and Chief Executive Officer of Cryptomind Group Holdings Co., Ltd. (Cryptomind Group) stated that Cryptomind Group is committed to provide Thai investors the opportunity to access and invest safely in a variable model of digital assets, this will also allow Thai investors to explore the world of blockchain and cryptocurrencies. The funding aims to support the development of the platform and deliver outstanding products and innovations in the digital asset world which were selected by a team of experts to provide consumers with more confidence and wider access.

We believe that to have a strong partnership from a financial institution like Kasikornbank will strengthen the company itself as well as provide a channel to bank’s customers to have access to digital assets. Apart from this, our vision is to be a one-stop service in global digital assets management, both in consulting and digital asset fund management through our affiliates such as Merkle Capital and Elkrem Capital. In addition, the company expects to have assets under management (AUM) of more than 1,000 million baht after receiving the license from SEC.

 

 

Cryptomind Group is a digital asset consulting and investment firm based in Thailand with the goal to provide a one-stop service solution and bring innovative digital asset products to Thai investors. Cryptomind Advisory, one of our subsidiaries, was recently granted the first license for digital asset advisory services from the Securities and Exchange Commission (SEC) to provide advisory services for digital asset investment. Cryptomind Group provides services across the ecosystem including event management and media with a strong network of key opinion leaders, Cryptomind Advisory for the consulting business of digital asset-related including our GameFi project, GuildFi, we have just raised over $140 from investors around the world.   To build on the success and provide Thai investors a convenient and secure way to invest in digital assets managed by the professionals with deep technical and market knowledge, Cryptomind Group has applied for a digital asset fund management license, which the license is still under review by the SEC, through its another subsidiary, Merkle Capital.

 

About Beacon Venture Capital

Founded in 2017, Beacon VC is the wholly-owned corporate venture capital fund of Kasikornbank PCL. Beacon VC focuses on strategic investments in early to growth-stage technology startups covering not only financial technology but also consumer internet and enterprise technology. Beacon VC has recently increased fund size to $185 million to cover more diverse industries and has invested in several technology startups in Thailand and abroad such as FlowAccount, Jitta, Builk, Grab, Nium, and Aspire.

About Cryptomind Group

 

Founded in 2017, Cryptomind Group started as a community builder in digital assets by collecting news articles, conducting research, initiating events and other media on digital asset investments, as the group joined by digital asset experts such as Bitcoin Addict Thailand, Kim DeFi Daddy, Blockchain Review, Coinman, Sanjay Popli, and Cryptomind Academy on Blockchain and Cryptocurrency projects, as a result of reaching a total of more than 500,000 followers. Currently, Cryptomind is one of the leaders in the “Blockchain Thailand Genesis” event, the largest blockchain event which is held every year. Apart from that, Cryptomind Group also has affiliates including Merkle Capital and Elkrem Capital, as well as Cryptomind Advisory to serve as Thailand’s first official digital asset advisor service aiming to enhance adoption of digital assets in the country.

Beacon Venture Capital (Beacon VC), the corporate venture capital arm of Kasikornbank PLC. (SET: KBANK), and Fuchsia Venture Capital (Fuchsia VC), the corporate venture capital arm of Muang Thai Group Holding, an affiliate of Kasikornbank PLC., invest in Pantera Capital’s latest Blockchain Fund. The new Blockchain Fund is intended to cover the entire spectrum of blockchain assets and the fund will be exposed to digital asset and blockchain markets through the investment primarily in venture equity and early-stage.

Carro, Southeast Asia’s largest automotive marketplace, today announced that it has raised US$360 million in a Series C funding round, making it the first automotive marketplace unicorn in Southeast Asia. Beacon VC (the corporate venture arm of Thailand’s Kasikornbank) joined the round to support Kasikornbank’s drive to provide better financial services to consumers across Thailand.