Krungsri Group's subsidiary Krungsri Finnovate has announced a joint venture investment plan with MUFG Innovation Partners (MUIP) for 2022-23, aiming to establish three new unicorns in the portfolio.
Sam Tanskul, managing director of Krungsri Finnovate, said the new joint venture investment aligns with Krungsri's operational plan that focuses on growth acceleration and building strength domestically and in the region.
"The startup investment plan for these two years will therefore target expansion on a global scale by seeking more opportunities to invest in startups with remarkable performance across Asean and the globe."
In 2021, Krungsri Finnovate enjoyed a successful fund mobilisation via Thailand's first startup private equity trust fund, Finnoventure Private Equity Trust I.
The trust fund enables ultra-high-net-worth individuals to invest in startups. It also has 3 million baht with leading organisations and high-net-worth investors of Krungsri Bank participating in startup investments.
Nobutake Suzuki, the president and chief executive of MUFG Innovation Partners (MUIP), said forming a strategic partnership with Krungsri Finnovate is a wonderful opportunity for both firms to jointly search for attractive startups and expand their scope of investment.
"Investing in global startups may not be an easy task. It requires an extensive and strong network to reach high potential startups worldwide and an appropriate size of the investment fund. Being a member of the MUFG Group is our comparative advantage as it enables us to gain access to these startups," he said.
He reiterated that Krungsri Finnovate and MUIP have jointly mapped out a 1.5-billion-baht investment plan with a target to create three new unicorns.
"We have a track record of collaboration when Krungsri Finnovate and MUIP entered into a strategic alliance with Grab Holding Inc [Grab], a leading super app in Southeast Asia in 2020," Mr Sam added.
Over the years, MUIP has invested in several unicorn startup ventures, including Malaysia's first unicorn startup Carsome, whereas Krungsri Finnovate is the first corporate venture capital that invested in Thailand's first unicorn, Flash Express.
