The ORZON team
SGHoldCo, a wholly-owned subsidiary of Thai oil company OR, and early-stage investor 500 TukTuks (now 500 Global), have jointly launched a US$50-million fund to invest in startups in Thailand and Southeast Asia.
ORZON Ventures will focus on both OR-related technologies and new businesses in the Series A-B stages under the theme of mobility and lifestyle.
In other words, the fund will invest in startups that meet the needs of future mobility solutions or those that respond to the new changing needs of the modern lifestyle, such as F&B startups, travel, health, wellness, and other digital lifestyles solutions.
The setting up of ORZON Ventures will enable OR to gain greater access to startups in the early stages in Thailand and Southeast Asia. With this, the oil company aims to strengthen and expand its businesses.
SGHoldCo will make an initial investment of US$25 million into ORZON with the option to increase the size to US$50 million in the future.
Also Read: Flash Express secures US$200M Series D to expand its e-commerce logistics service in SEA
According to OR’s president and CEO Jiraphon Kawswat, one of its growth strategies is to seek new business opportunities to develop beyond the horizons of the oil business amid a fast-changing environment. OR looks for cooperation with large companies as well as smaller and more nimble organisations. The partnerships can be in the form of business alliances of investment in SMEs or startups that OR believes have the strength and advantage in technology, speed, and agility to adapt to changes.
However, smaller businesses are facing many challenges, such as lack of human resources, funds, access to customer and ecosystem support. ‘OR’ believes that it can help fulfil and support startups by investing, providing access to customers/OR’s large ecosystem, and other fundamental business support from relevant experts.
Recently, OR recently led the US$200 million Series D round of Flash Express, the first unicorn in Thailand.
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Image Credit: ORZON Ventures
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