Line Ventures, the corporate venturing unit owned by Japan-based messaging platform Line, has set aside up to $20m to invest in Thailand-based startups.
The corporate aims to develop a unicorn – a private, venture capital-backed company valued at more than $1bn – within the next three to five years, investing through its post-accelerator initiative, ScaleUp.
ScaleUp participants will gain access to Line’s 44 million customers in Thailand, as well as its messaging interface, and mentoring and coaching focused on the education, digital content and e-commerce sectors.
The scheme was trialled in 2018 with five selected startups and will officially launch in Thailand in May this year.
Line Ventures will look to acquire a 20% stake in a ScaleUp participant if it has a solid business model that can be expanded globally through Line’s network. It said the $20m has been reserved for the startup adjudged to be top of the class when it graduates in November.
Kay Lim, Line Ventures’ head of global investment, said: “We believe that the genuine support from Line ScaleUp and Line Ventures will empower Thai startups to cross to series B and beyond.
“Our experience and reputation can empowering startups to reach their full potential. It is an opportunity for Thai startups to gain access to Line’s diverse assets and leverage Line’s global footprint.”