Thailand-headquartered oil and gas conglomerate PTT’s Oil and Retail (PTTOR) subsidiary formed a US-based corporate venture capital (CVC) fund yesterday with venture capital firm 500 Global.
Orzon Ventures will invest in startups from Thailand and other Southeast Asian countries. The corporate’s Singapore-based subsidiary, PTTOR International Holdings, will initially provide $25m for the vehicle, potentially increasing its commitment to $50m.
PTTOR International Holdings will hold a 99% stake in Orzon Ventures while 500 Global and its affiliated private investors will own the remainder.
The corporate has already conducted corporate venturing directly, having backed e-commerce delivery service Flash Group’s $148m series D-plus round in June this year. Its GC International and Thai Oil subsidiaries maintain separate CVC units: Top Ventures and GC Ventures (in addition to the latter’s GC Ventures America division).
