In his contributed piece for e27, Golf Sissada, Digital Marketing Manager at Seven Peaks, wrote about how businesses can hack product growth and user acquisition in Thailand. This begins with understanding how Thai people make purchases and securing the information needed to make that decision.

” … as of 2023, only 38 per cent of the Thai population used their desktop. However, 100 per cent of people living in Thailand own a smartphone. Greater audience reach, and effective product growth rely on a user-friendly mobile app,” he said.

This has provided plenty of opportunities for startups in Thailand for many years. But, just like the rest of the region, with the exception of the Philippines, the past year continued to be challenging for startups in Thailand.

Between January and May 2024, we covered five funding announcements from startups in Thailand from various stages and verticals.

We started the year with a US$1.4 million seed funding for Bangkok-based biotechnology firm UniFAHS. A2D Ventures led the investment, including the participation of ADB Ventures and InnoSpace.

Also Read: 500 TukTuks, ORZON Ventures execs launch Disrupt Health Impact Fund in Thailand

March saw two funding announcements from startups in Thailand, starting with Sleek’s pre-Series A extension round with Finnoventure Fund, followed by Spacely AI’s undisclosed pre-seed investment from SCB 10X.

In April, WYZauto, an online tyre marketplace for vehicle maintenance businesses in Thailand, secured US$2.25 million in a pre-Series A funding round led by Vynn Capital through its new Mobility and Supply Chain fund.

Two Thai startups were also among the 10 finalists for PepsiCo’s APAC Greenhouse Accelerator Program 2024.

CIRAC aims to provide a breakthrough technology for recycling aluminium-laminated plastic packaging, one of the most challenging packaging waste. Meanwhile, the other startup is AIIEV, which empowers businesses to achieve sustainability and cost savings through a game-changing subscription model for electric conversions.

Opportunities for startups

Despite the so-called funding winter and a relatively quieter period for startups, there continue to be opportunities for them to grow and develop their businesses. This could be in the format of the launch of new funds or programmes that help them incorporate best practices into their operations.

In May, Disrupt Technology Venture, a startup ecosystem builder in Thailand, launched a new healthcare fund that aims to provide the local healthcare sector with access to world-class deep-tech solutions and improve healthcare services for the local people.

Also Read: Dezpax to revolutionise food packaging for SMEs in Thailand

The fund is backed by prominent Thai businesses, including Digital Health Ventures, Thana Asset Company Limited, Saha Pathana Inter-Holding Public Company, and Sripatum University.

Meanwhile, earlier in April, AIS The StartUp, a programme run by Thai digital infrastructure provider Advanced Info Service Public Company Limited (AIS), announced a collaboration with the Stock Exchange of Thailand (SET), the National Innovation Agency (NIA), and the Thai Startup Association to educate local entrepreneurs about the importance of integrating ESG (environment, social, governance) principles into business processes.

It aims to strengthen local tech entrepreneurs by enhancing their understanding of applying ESG (Environment, Social, Governance) principles to analyse investment risks and assess company valuations, especially in establishing fundamental ethical dimensions, such as corporate governance, partnership governance, financial governance, or shareholder governance.

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