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Asia-focused KK Fund helps Thai startups meet investors virtually in face of COVID-19 troubles

SCORE 2,126 Masaru Ikeda Masaru Ikeda
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Singapore-based KK Fund, the VC firm backed by many Japanese companies and focused on investing in seed stage internet and mobile startups across Southeast Asia, is launching their first Meet Your Match Thailand ​session with the aim to help match investors with Thailand-based startups in light of the uncertain situation due to the novel coronavirus pandemic. In order to support the startup ecosystem, KK Fund claims it has signed up with more than 20 investors to participate in this initiative to connect Thai startups with potential investors. Participating investors include Vertex Ventures, Sumitomo Corporation, PTT, Denso, Krungsri Finnovate, Colopl Next, CyberAgent Capital, Monk’s Hill Ventures, Insignia Ventures Partners, Beacon Venture Capital, Sequoia Capital, and other outstanding Thai and Japanese firms. In the face of the global coronavirus pandemic, more than a few startup founders in the world are struggling with meeting up with potential founders because of urgent need of funding or further sustainable business development. As a reason why KK Fund decided to focus on helping Thai entrepreneurs rather than other startup ecosystem, the VC firm’s general partner Koichi Saito says he got inspired by the initiative which the Japanese trade and economy ministry recently rolled out in Bangkok….

Singapore-based KK Fund, the VC firm backed by many Japanese companies and focused on investing in seed stage internet and mobile startups across Southeast Asia, is launching their first Meet Your Match Thailand ​session with the aim to help match investors with Thailand-based startups in light of the uncertain situation due to the novel coronavirus pandemic.

In order to support the startup ecosystem, KK Fund claims it has signed up with more than 20 investors to participate in this initiative to connect Thai startups with potential investors. Participating investors include Vertex Ventures, Sumitomo Corporation, PTT, Denso, Krungsri Finnovate, Colopl Next, CyberAgent Capital, Monk’s Hill Ventures, Insignia Ventures Partners, Beacon Venture Capital, Sequoia Capital, and other outstanding Thai and Japanese firms.

In the face of the global coronavirus pandemic, more than a few startup founders in the world are struggling with meeting up with potential founders because of urgent need of funding or further sustainable business development. As a reason why KK Fund decided to focus on helping Thai entrepreneurs rather than other startup ecosystem, the VC firm’s general partner Koichi Saito says he got inspired by the initiative which the Japanese trade and economy ministry recently rolled out in Bangkok. Saito has participated in several summits hosted by the ministry with an aim to connect the two countries in tech and startup field.

If you run a startup in Thailand and want to grab this opportunity, simply submit you application through the Google form link by April 10 so that you can get in touch with potential investors who may be interested in your business or idea. Upon successful matching, an online session over Zoom will be arranged by the investor with the startup.

In Japan, Moneyforward Synca, the Tokyo-based consultancy focused on helping startups raise investments or sell through an IPO or M&A deal, has launched a similar scheme with more than 20 local VC firms with an aim to prevent founders from stagnating fundraising.

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Koichi Saito’s KK Fund invests in Malaysia-based on-demand delivery startup Be Malas

Masaru Ikeda Masaru Ikeda
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See the original story in Japanese. As reported earlier by e27, Japanese venture capitalist Koichi Saito founded KK Fund in February, focused on investing in online marketplaces and fintech startups in Southeast Asia and Hong Kong, in addition to Taiwan. This fund is largely backed by Japan’s Incubate Fund, which appointed the latter’s founding partner Masahiko Honma as KK advisor. Malaysia-based Digital News Asia recently reported last week that KK Fund has invested in Malaysia’s SMS-based on-demand delivery service called Be Malas. This round was led by KK Fund with participation from other unnamed investors, raising a total of $500,000. Be Malas allows users to text for anything ranging from picking up a lunch box to paying taxes as long as it is legal, for delivery to the doorstep. Using the service, one is to pay delivery costs and Be Malas’ commission not to mention the actual expenses for an item purchased. Saito told Digital News Media about what led him to invest at this time: I’d been looking for a mobile messaging service that acts as a commerce platform in Southeast Asia as well as East Asia. This type of business has low barriers of entry, so it really depends on how fast the team moves, expands and executes; the founding trio’s previous experience with…

bemalas_featuredimage

See the original story in Japanese.

As reported earlier by e27, Japanese venture capitalist Koichi Saito founded KK Fund in February, focused on investing in online marketplaces and fintech startups in Southeast Asia and Hong Kong, in addition to Taiwan. This fund is largely backed by Japan’s Incubate Fund, which appointed the latter’s founding partner Masahiko Honma as KK advisor.

Malaysia-based Digital News Asia recently reported last week that KK Fund has invested in Malaysia’s SMS-based on-demand delivery service called Be Malas. This round was led by KK Fund with participation from other unnamed investors, raising a total of $500,000.

Be Malas allows users to text for anything ranging from picking up a lunch box to paying taxes as long as it is legal, for delivery to the doorstep. Using the service, one is to pay delivery costs and Be Malas’ commission not to mention the actual expenses for an item purchased.

Saito told Digital News Media about what led him to invest at this time:

koichisaito
KK Fund’s Koichi Saito (photo courtesy: e27)

I’d been looking for a mobile messaging service that acts as a commerce platform in Southeast Asia as well as East Asia.

This type of business has low barriers of entry, so it really depends on how fast the team moves, expands and executes; the founding trio’s previous experience with Groupon Asia has been reflected.

The founders emulated  Groupon by focusing on speed and know-how as to regional expansion. I spotted their strengths during my first meeting with them in Kuala Lumpur.

Saito decided to invest in Be Malas within two days since he first met up with the company’s three founders, namely Adlin Yusman, Suthenesh Sugumaran and Puvanendren M. Maniam. They raised their seed round within a month from their first order of brace wax.

Prior to Be Malas, KK Fund has invested $530,000 in Malaysia’s home renovation marketplace Kaodim just three months since its launch with participation from 500 Startups and East Ventures, following investment in an unnamed logistics startup in Malaysia.

In view of the recent trends for this sector, US-based Magic, often cited as a messaging-based on-demand delivery service, fundraised $12 million from Sequoia Capital in March. Slightly different from Be Malas, India’s Lookup, a messaging-based concierge service that lets one shoot off a message to local businesses, fundraised $116,000 from Japanese angel investor Teruhide Sato and gaming company DeNA (TSE:2432) in January.

Translated by Taijiro Takeda
Edited by Masaru Ikeda
Proofread by “Tex” Pomeroy

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