Krungsri Finnovate showcases strong performance in 2024, fostering 4 unicorns and preparing 7 more for IPO. They announce their 2025 plan, injecting over a billion baht in investments through the FinnoEfra and Finnoventure funds, targeting Thai and ASEAN startups with the goal of building a robust startup ecosystem.
Bangkok, Thailand – Krungsri Finnovate, a corporate venture capital arm of Krungsri (Bank of Ayudhya PCL), announced its achievements in 2024 and its business plan for 2025, reinforcing its leadership in supporting and driving the startup ecosystem in both Thailand and the ASEAN region.
Palida Artispong, Acting Managing Director and Head of Portfolio Growth at Krungsri Finnovate Co., Ltd., revealed that in 2024, Krungsri Finnovate achieved significant success in investing in startups, with a total investment value of over 4.039 billion baht (US$120 million). Its investment portfolio includes 25 companies, 4 of which are unicorns (startups valued at over US$1 billion), and 7 more are preparing for initial public offerings (IPOs).
The success in 2024 was not limited to investments but also included establishing over 170 strategic partnerships covering startups, various business units, and the bank’s customers, as well as organizing ecosystem-promoting events like Krungsri Finnovate sharing and Krungsri Finnovate Fair. Furthermore, Krungsri Finnovate received The Strongest Bank in Thailand award from The Asian Banker, reflecting its continued commitment to supporting startups.
For 2025, Krungsri Finnovate continues to drive its business under a vision and mission focused on being an impact-focused strategic investor, supporting the sustainable growth of startups in ASEAN, and building a strong regional ecosystem. This is based on three key pillars: Investment, Portfolio Growth & Investor Relations, and Accelerator & Ecosystem building.
Palida revealed the investment plan for 2025, stating that Krungsri Finnovate has prepared funds for several areas, divided into investments through two main funds:
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Finnoventure Private Equity Trust I: This fund, valued at 400 million baht, aims to invest in 6 startups, focusing on Thailand and expanding opportunities to Vietnam, the Philippines, and Indonesia.
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Finnoverse & Futuristic Fund: This 70 million baht fund will invest in 1 startup or invest in a Fund of fund, focusing on technologies related to ESG (Environment, Social, Governance), Green Tech, Artificial Intelligence (AI), and Cybersecurity.
Additionally, Krungsri Finnovate launched a new fund, FinnoEfra Private Equity Trust, with a fund size of 1 billion baht, in collaboration with EfraStructure for management. This fund will focus on investing in early-stage startups (Seed to Pre-Series A) that already have products and customers. It will invest 60% in Thai startups and 40% in ASEAN startups, with a ticket size of US$200,000 – US$2,000,000 per company.
“Today is the grand opening of the Finnoverse Accelerator Program. The purpose of today’s accelerator, Krungsri Finnovate sees the opportunity to invest in early-stage startups, and we have launched the Finnoverse Fund, which is a private equity class.” Palida added, “We believe that to invest in early-stage startups, we need an incubation school, which is why the accelerator was created.”
FinnoEfra includes not only the fund but also the FinnoEfra Accelerator Program, which achieved great success in its first batch, with over 200 applicants and 12 finalists selected to pitch on Demo Day. This program is distinguished by its team of experienced founder-mentors, coaches who have successfully exited startups, and a “Head Teacher” who provides close guidance and support to all 12 teams.
Palida discussed plans to hold the second batch of the FinnoEfra Accelerator in late 2025, aiming to accept applications from 200 startups, select 12, invest in 6 companies, and create 4 more collaborative projects.
Beyond investments and incubation programs, Krungsri Finnovate emphasizes building a strong startup ecosystem through various activities, such as KFIN Academy, which will provide intensive classes for startups, as well as knowledge-sharing events for internal bank employees, customers, and partners, and KFIN Family Meetup, a networking event held quarterly.
Krungsri Finnovate’s operations reflect its commitment to being the “backbone” of the Thai and ASEAN startup scene, as recognized by the Techsauce Awards 2024 in The Startup Backbone category.
With a comprehensive plan encompassing investment, incubation, and networking, Krungsri Finnovate is poised to be a key driver in propelling Thai and ASEAN startups towards sustainable growth and building a strong regional startup ecosystem.
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