Thai startups are seeing a greater surge in in investments from larger funds, global accelerators, and regional capitalists. As such, Line Thailand has announced that they have plans to help build the first Thai unicorn startup within the next 3 – 5 years.
“Thailand’s startup scene will get a big boost from larger funding deals in the Series B round, with more global accelerators and corporate venture capital players entering the market,” said Jayden Kang, chief of strategy and head of Line Man at Line Thailand.
Over the past two years, the number of local startups that are subject to Series B funding (US$7- 10 million) rose from three to six, and should the current trend continue, even more are expected in the following years.
Among other things, fintech, social commerce, and interactive video platforms are the main sectors that are drawing investor interests in Thailand.
“We set an ambitious plan to create the country’s first unicorn startup, with a valuation of US$1 billion, within 3-5 years,” Mr Kang said.
He was speaking in South Korea, where six selected Thai startups joined Line’s ScaleUp programme, aimed at expanding Thai startups and helping them gain international funding.
For the year 2020, Line Thailand is set to focus on incubation programmes, particularly by supporting new startups that are being created at universities. The company also aims to connect regional venture capital players with local startups.
Kay Lim, head of global investment at Line Ventures, the venture capital arm of Line Corporation, said the company announced in March that US$20 million would be available for investment in local startups through a partnership with Line Thailand.
Mr Lim also mentioned that Line Ventures are currently in talks regarding several deals in Thailand. These talks seek to identify food tech, fintech, and on-demand service startups that are viable to invest in and develop.