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Siri Venture is the second venture capital firm of its kind in Thailand, after Ananda Development’s Ananda Urban Tech

Thai property developer group Sansiri Pcl and the Siam Commercial Bank (SCB) launched new corporate venture capital fund Siri Venture, according to Dealstreet Asia.

With focus on investing in property-related startups and R&D, Sansiri will own 90 per cent of Siri Venture while SCB owns the rest, with registered capital of THB100 million (US$2.8 million).

Siri Venture Chief Executive Shakrit Chaurungsakul stated that the firm plans to invest between THB100 million (US$2.8 million) and THB500 million (US$14.2 million) to startups based in Thailand and Singapore. It will inject between THB500,000 (US$14,200) and THB10 million (US$285,000) in each startup, with the target of investing in 40 startups over the next three years.

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The firm is particularly looking for startups working on various home technologies, robotics, drones and artificial intelligence. It is also set to launch Thailand’s first property technology accelerator in the second quarter of 2017.

The launch follows the launch of Ananda Urban Tech, a venture capital fund launched by fellow Thai property development Ananda Development in January, which invests in innovation to improve or solve urban living problems.
Ananda Development became the first property developer group to branch out into startup investment in the country, which programmes include ecosystem support, fund of funds and corporate venture capital.

Some property tech startups in Thailand include Hipflat and ZmyHome.

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Image Credit: andreahast / 123RF Stock Photo

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