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“500 Startups” raising $10 million “500 TukTuks” Thai investment fund

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“500 Startups” raising $10 million “500 TukTuks” Thai investment fund

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500 Startups is a US startup investor which has backed dozens of startups around the world, and is now increasing its focus on Asia with a new $10 million fund aimed squarely at Thailand. The organisation already launched a $10 million Asian fund in 2013, called ‘500 Durians’, but the new one (“500 TukTuks”) is dedicated solely to Thailand.

According to Jon Russell of TechCrunch, 500 Startups has declined comment, but the online tech site has seen pitch documents provided to investors, and also confirmed it with sources within Thailand. Apparently, the fund is not signed and sealed yet, but close to a formal announcement which is expected next month.

500 Startups has invested in eight companies in Thailand via 500 Durians, and plans to use half the 500 TukTuks fund allocated to early stage companies, which is reportedly around 67 deals. The documents state that 500 TukTuks will inject around $75,000 as a first investment, usually as seed funding, as well as larger figures of $150,000 for follow-on investments in startups “that show signs of becoming big winners.”

Read more: http://tech.thaivisa.com/500-startups-thailand/4775/

Whew. For a moment, I thought they were going to put 500 more tuk tuks on the road.

Really is micro funding VC. They have had to sell their LPs hard on this one too. Start up environment is really infant stage in Thailand.

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Ancient Thai saying - If you want to make a small fortune in Thailand, bring a large fortune.......

they may be able to get a good deal on some second hand ones in patong soon.

These startups are receiving such a piddling amount, they must be mom and pop stores or cousin Sombat wanting to do a convenience store. At this level of VC investment, these Thai startups must represent some sort of tax loss event.

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