Thailand’s BOI Launches Matching Fund to Support High-Potential Startups

The Board of Investment of Thailand (BOI) has introduced a new initiative to boost startups in targeted industries by providing financial support. This support will be offered through a newly launched “Matching Fund,” which will match subsidies provided by venture capital funds, offering up to 50 million baht per company. 

The initiative was recently approved by the National Competitiveness Enhancement for Targeted Industries Policies Committee, led by Finance Minister Pichai Chunhavajira.

The newly launched Matching Fund aims to support Thai startups in targeted industries, raising funds to scale their businesses, particularly those at the pre-Series A to Series A stages. 

According to BOI Secretary-General Narit Therdsteerasukdi, the fund will provide financial assistance ranging from 20 million to 50 million baht, matching the investment already secured from venture capital. This initiative is designed to help these startups expand their operations, compete globally, and potentially grow into unicorns—privately held companies valued at over $1 billion.

To qualify for this support, startups must be legally established in Thailand, with at least 51% of shares owned by Thai nationals and the founders holding a minimum of 60% of the shares. Additionally, these companies must have received at least 15 million baht in funding from a venture capital firm registered with the National Innovation Agency. 

The targeted industries for eligible startups under the Matching Fund include digital technology, electronics, modern vehicles, agriculture, food, medicine, biotechnology, and robotics.

The BOI requires that eligible startups present a clear and strategic business plan, particularly emphasizing their international expansion goals. This could include plans for further fundraising abroad or strategies to export their products and services to global markets. 

In addition to financial support, the Board of Investment (BOI) will offer tax incentives and benefits to eligible startups. These include streamlined visa and work permit processes for foreign experts that the companies hire. 

Narit Therdsteerasukdi, the BOI’s secretary-general, emphasized that funding and skilled personnel are crucial for startups’ growth. The BOI is committed to providing these resources to help startups advance technology, develop new products and services, and expand into global markets.

This initiative is part of Thailand’s efforts to grow 12 targeted S-curve industries, which are central to developing the Eastern Economic Corridor (EEC). The EEC is envisioned as the country’s high-tech industrial hub, focusing on zero-emission vehicles. The government aims for electric vehicles to account for 30% of total car production by 2030.

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