As Thailand tech startups dust themselves off after the pandemic-induced interruptions, some look set to make up for any setbacks they encountered due to the economic slowdown.
Despite a 22% drop in investments during 2022, the outlook is relatively optimistic for the country as it strives to become one of the region’s thriving tech hubs. In Thailand top tech startups are found in many different sectors, such as electric vehicles (EVs), medical technology (medtech) and petrochemicals. However, property technology (proptech), educational technology (edtech), eCommerce and services for the food and beverage industry (F&B) are also among the fastest-rising sectors, with the companies below flying the flag for growth and innovation in the country.
Taking on fake property ads and making renting and buying more convenient for people in Thailand, PropertyScout strives to disrupt the conventional real estate scene in the country. They are on a mission to build an “end-to-end real estate platform” for Thailand and the rest of Southeast Asia. While only launched at the start of the pandemic, the platform already sees over 1 million monthly property views and has built a robust reputation by servicing over 35,000 tenants and buyers.
In the 4th quarter of 2022, the proptech startup added USD 5 million to its capital in a series A funding round with the help of lead investors Altara Ventures. This funding injection brings the total invested in the company by Hustle Fund, AngelCentral, Asymmetry VC and others since late 2019, when it began its journey, to USD 7.8 million.
The top 5 promising emerging Thai startups to look at in 2023
Learning another language in a global economy cannot be underestimated. Globish seeks to assist those wishing to learn English or Chinese, helping current students and adults wanting to brush up on, improve or start learning from scratch. Offering online courses in general, business and career-specific English and Chinese, the platform is helping Thais to enhance their chances of working in the global economy.
Globish has been providing edtech language learning since 2014 and has benefited from two funding rounds, one for an undisclosed sum in 2016 and the most recent one in September 2022, when they raised approximately USD 2.4 million. The latest capital injection came from 10 investors, including 500 TukTuks, BonAngels Venture Partners and ECG-Research. The money will help with the startup’s plans to hire 600 more instructors to cope with the expansion of their offerings to Pakistan and Bangladesh.
The global health pandemic increased the number of Thai people who shopped online, with 84% of the population making digital purchases in 2020. This rise in reliance on online shopping has helped eCommerce sites such as beauty eTailer Konvy to grow. The platform has positioned itself as the biggest beauty and health website in Thailand by offering everything from cosmetics, skincare and personal hygiene products for women, men and the lucrative mother and baby sector.
The company’s rapid growth has also brought investment in a recent series A round with investment from Insignia Ventures Partners. The USD 10 million funding will help bring the eCommerce startup to the next level and employ more staff to grow the company further.
Line Man Wongnai
One of Thailand’s newest unicorns (a company valued at over USD 1 billion), Line Man Wongnai has been working in the eCommerce services sector for the past two years. The startup functions by offering etailer services such as delivery and point of sale (POS) management systems. Its delivery service, which is available all over Thailand, has increased by an astounding 175% since 2021.
The rapidly growing startup has attracted much attention from investors, who brought in USD 110 million in its 2020 series A funding round, with BRV Capital Management leading the financing. In September 2022, it raised USD 265 million through series B funding through investors such as GIC, Line Plus Corporation and previous investor BRV Capital Management. As Thailand’s largest startup by valuation, Line Man Wongnai is in a solid position to continue its expansion plans for its services, including food delivery, merchant services, and value add services in finance and advertising.
Another startup working in the F&B services sector, Hungry Hub, offers a comprehensive restaurant booking service. Offering discounts on group bookings, all-you-can-eat buffets, food experiences and deliveries, the foodtech startup is touted as the number 1 platform for special occasion booking. It also organises special events, such as the 2022 Rooftop Festival, featuring discounts for some of the best restaurants in Bangkok and beyond.
Founded in 2013, the platform has been on a continuous growth trajectory, thanks partly to three funding rounds, starting with a seed round in 2019 that brought in USD 450 thousand. In July 2022, they raised a further undisclosed sum, with Orzon Ventures leading the funding.
As the new year unfolds, many of the Thailand tech startups emerging as winners are sure to continue to grow and bring in funding from investors. These companies will act as inspiration for others hoping to break through the barriers raised by the global pandemic and claim their own place as one of Thailand top tech startups of the future.