Thailand-based software company MFEC is set to establish a corporate venturing division equipped with ฿700m ($20m) to invest in startups, local news publication Nation reported today.
The company will move several human resources staff to the new subsidiary to help manage the vehicle. MFEC will seek out opportunities in the education, media and entertainment sectors.
MFEC will also offer training and consultation to entrepreneurs, collaborating with the computer engineering department of Chulalongkorn University and the Industrial Liaison Programme to set up a facility dubbed Data Café Thailand.
Additionally, the corporate will spin out a range of businesses beginning with Playtorium Solutions, a one-stop shop for software and crowd-testing services as well as IT staff recruitment.
Playtorium has received ฿5m from MFEC and unnamed outside investors, with the corporate owning a 70% stake in its spinout.
MFEC has also developed Fanster in collaboration with record label Love Is, which will enable fans to follow the label’s artists.