33.6 C
Singapore
Tuesday, July 7, 2020
- Advertisement -

Line invests US$20M to produce first Thai unicorn

|

|

Reading time: < 1 min read

|

|

Reading time: < 1 min read

With the ScaleUp program, Line Thailand and Line Ventures target to have the first Thai unicorn within the next three to five years, pledging a total of US$20 million (632 million baht) to help Thai startups grow their business.

Line intends to gather innovative startups to strengthen its Super App strategies, as reported by The Bangkok Post.

Despite having more than 90 funded startups, the country has yet to produce its own unicorn. Regional startups in Indonesia, Singapore, and Vietnam are getting a lot of growth because of their ability to attract the regional market and foreign investments.

ScaleUp will focus on being a “post-accelerator” by expanding the growth phase of Thai startups. It can help Thai startups to connect with international venture capital funds. Line Ventures will take a 20 percent share from the startups that already have existing products or services with a clear understanding of customers’ needs, and a solid business model that can be expandable via Line’s extensive network, leveraging on its 44 million customers in Thailand.

The selected startups will have one year of free access to Line’s messaging application programming interface. They will also receive mentoring, and coaching in areas of interest covering education, digital content/media, and e-commerce that will compliment Line’s business.

The company piloted ScaleUp last year with five selected startups. This phase will launch on 17 May, with a demo day this coming November.

Line Ventures manages three funds worth US$100 billion and has invested in 43 firms, 12 of which are in Southeast Asia. In Thailand, it has invested US$5 million in Series A with FastWork and also acquired e-commerce platform, SellSuki.

- Advertisement -
Felicia Calle
Felicia Calle
Australia | Felicia's fascination with tech began in the 90s, and she loves to update readers on the best tech deals on the internet. When she’s not writing, you’ll find her travelling around the world.
- Advertisement -

People also Reading

Chinese property marketplace, Juwai.com, merges with real estate firm, IQI Global

Real estate companies, Juwai.com, and IQI Global, announced that they would merge to form Juwai-IQI, a global proptech group which specializes in...

Tonik raises US$21 million and looks to launch in the Philippines this year

Neobank startup, Tonik Financial (tonik), announced on its website that is has raised US$21 million in a Series A financing round led...

Japanese artists turn countries and their flags into anime characters for 2020 Tokyo Olympics

While Tokyo is busy preparing for the upcoming 2020 Olympics, people around the globe are already psyched for it. A few Japanese...
- Advertisement -
Send this to a friend