Thai VC Krungsri Finnovate backs three global startups

Krungsri Finnovate, the corporate venture capital arm of Thai banking group Krungsri, invested in three overseas startups during the first seven months of this year, according to an announcement.

The firm backed US-based brokerage infrastructure provider Alpaca, Singapore insurtech startup Qoala, and enterprise AI platform Whale. Financial details of the investments were not disclosed.

Alpaca provides brokerage-as-a-service technology, including application programming interfaces and back-end infrastructure used by financial institutions and securities firms to develop wealth management and foreign-exchange products.

Qoala distributes digital insurance products across several Southeast Asian markets, including Thailand. The Jakarta-founded company has expanded through acquisitions and fundraising as it seeks to increase insurance penetration across the region.

Krungsri Finnovate completed its investment in Whale in July, making it the firm’s latest portfolio addition.

The firm said the transactions were made through Finnoventure Private Equity Trust I, which has invested in 20 startups since launching in 2021.

Krungsri expects to announce further investments this year as it increases its exposure to technologies reshaping business and financial services, acting managing director Palida Artispong said.

“Our investments since the start of the year have centred on international startups, in line with our strategy of investing in global megatrends,” she said.

Krungsri Finnovate’s portfolio is valued at about 5 billion baht ($150 million) and comprises investments in more than 30 startups across Thailand, Southeast Asia, and other international markets.

Its portfolio includes four unicorns, or privately held startups valued at least $1 billion.

“Beyond the opportunity to grow our investment portfolio, a core focus of our startup investments is finding opportunities to connect these startups with the businesses across Krungsri Group,” Artispong added.