Thailand-based venture capital firm Southeast Asia Exponential Ventures (SeaX) launched its $60m second fund yesterday with commitments from numerous corporate limited partners (LPs).
The LPs include oil and gas provider PTT Oil and Retail, property developer Central Pattana, media company The Vacharaphol, office supplies maker TKS Technologies, healthcare provider Ramkhamaeng Hospital, office furniture manufacturer Modernform and consumer goods producer MC Group.
Alcoholic beverage producer Singha and digital infrastructure group Benchachinda were also among the backers, contributing through Singha Ventures and BCH Ventures respectively, as were a range of private investors.
The oversubscribed fund had an original target of $50m and has a wide remit across technologies including Web3 and the blockchain, biotechnology, food, life sciences, artificial intelligence, robotics and the internet of things.
Fund II will invest between $500,000 and $5m across pre-seed, seed and series A rounds to boost the growth of global startups across Southeast Asia.
The firm’s portfolio includes blockchain technology provider Solana, intelligent medical assistant developer Bot MD, caffeine alternative provider Revel and heart attack treatment developer Nirvamed.
SeaX Ventures managing partner Supachai Parchariyanon said: “Southeast Asia is a region of 650 million people with a combined GDP of $3 trillion.
“We can help innovative startups from across the world grow exponentially in this large and dynamic area through our relationship with over 400 corporates.”
