#Asia Thailand’s Rabbit Internet raises US$9.1M; will boost domestic operations

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The Rabbit brand is also planning on launching two additional verticals and is looking into funding local Thai startups

Rabbit Internet founding team

Rabbit Internet founding team

Bangkok-based Rabbit Internet announced today a THB325 million (US$9.1 million) funding round led by BTS Group Holdings Plc., the majority shareholder of Bangkok Mass Transit System PLC.

Rabbit Internet is a company builder and is behind Rabbit Finance — Thailand’s top finance and digital insurance brokerage portal.

The capital will go towards expanding operations within the country, meaning the development of financial, media and content enterprises aimed at the Thai market. The company is also planning on launching two additional verticals under the Rabbit brand.

Furthermore, Rabbit may look into making investments into Thai startups at the US$50,000 to US$500,000 price range. The investments would have to attract 3rd party funding as it grows.

“The investment by BTS Group Holdings is a sign of confidence for Thailand’s digital economy,” said Mr. Johannes von Rohr, Co-Founder and Managing Director at Rabbit Internet in an official statement.

Also Read: Thailand’s Stylhunt snags close to US$500,000 in pre-Series A round

Rabbit Internet is a joint venture project between BSS Holdings (a wholly owned subsidiary of BTS Group) and a Hong Kong-based investment firm Alpha Founders.

In addition to Rabbit Finance the company also runs an online publication called Rabbit Daily and the digital advertising platform Rabbit Connect.

As for Rabbit Finance, Rabbit Internet is hoping the service can achieve a 5 per cent market share in Thailand by 2020. The company’s partners in the region include The Viriyah Insurance, Bangkok Insurance and Muang Thai Insurance.

“The new internet joint venture brings innovation capabilities to the group that allow us to develop high-quality services and products for the digital economy. The initiative is in line with the strategic direction of the group to improve every day [the] modern lifestyle for Thai people,” said BTS Group Holdings CEO Kavin Kanjanapas in an official statement.

Also Read: Your first reason to attend Echelon Asia Summit this June: HubSpot’s Kipp Bodnar

Those unfamiliar with Rabbit Internet may recognize the Rabbit card. It is the e-money smart card used on public transportation and is comparable to the assorted variations of plastic transit cards seen across many major global cities.

 

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