Finno Efra: New $35M Fund and Accelerator Program for Thai and ASEAN Startups

Krungsri Finnovate, in collaboration with EfraStructure, has launched the “Finno Efra Private Equity Trust,” a fund that will invest 1.3 billion baht (approximately $35 million USD) over the next four years in startups across Thailand and ASEAN. 

The fund will primarily target startups in the seed to pre-Series A stages, focusing on sectors that promote digital transformation and create impactful solutions. Initial discussions are already underway with 5-6 potential ventures.

The fund plans to allocate 60% of its investments to Thai startups, with the remaining 40% directed towards other ASEAN countries. Investment sizes will range between 8 million and 40 million baht, aiming to support early-stage companies’ growth journey.

Alongside the fund, Krungsri Finnovate and EfraStructure will also introduce an Accelerator Program to help startups progress from the Seed stage to Pre-Series A, with the ultimate goal of achieving stable growth towards Series A. This program will provide comprehensive support to startups, ensuring they are well-prepared for the challenges of scaling their businesses.

Sam Tanskul, Managing Director of Krungsri Finnovate, stated that the partnership will target startups across various sectors including fintech, agritech, edtech, martech, lifestyle tech, e-commerce, HR tech, industrial tech, and mobility tech.

He noted that the fund is particularly interested in startups at the seed to pre-Series A stages, which already demonstrate a product-market fit and generate consistent revenue, with some earning at least 10 million baht annually. Over the next four years, the goal is to invest in 50 startups across Thailand and ASEAN.

This fund is a shared vision between Krungsri Finnovate and EfraStructure to support early-stage startups in Thailand, where investment at these stages is crucial yet often scarce. The initiative is expected to help in nurturing the growth of Thai startups and strengthening the country’s startup ecosystem. Additionally, the fund is set to provide a much-needed boost to the region’s innovation landscape by channeling resources into emerging ventures.

According to a recent announcement, The Finno Efra Private Equity Trust is being developed to cater to ultra-accredited investors, requiring a minimum investment of 500,000 baht. This fund, which will be offered through a trust, is awaiting approval from the Securities and Exchange Commission. The trust aims to expand the range of alternative assets in the Thai market and is expected to hold its initial public offering (IPO) early in the fourth quarter of this year.

In addition to the fund, Krungsri Finnovate and EfraStructure are launching the Finno Efra Accelerator Programme to bridge the gap between investors and startups. The program will last four months and will enroll ten startups per cohort, offering them access to funding opportunities and connections with a broad spectrum of investors. The accelerator aims to provide a comprehensive curriculum that leverages the network and expertise of both organizations, ensuring that participating startups can fully develop their potential.

Pawoot Pongvitayapanu, CEO of EfraStructure, highlighted the importance of mentoring in startups’ success. He emphasized that the accelerator program is a critical component of the initiative, designed to support startups beyond funding by offering robust mentorship and guidance. 

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