Digital Ventures expedites sustainable growth of Thai startups, recruiting tech startups for 2nd Accelerator program with aim to support SCB’s and corporate clients’ businesses
Digital Ventures, the fintech investment and development subsidiary of Siam Commercial Bank, has launched the Digital Ventures Accelerator Batch 1 or “DVAb1” program, building on what it had begun to establish Southeast Asia’s best ecosystem for startups. The program, now in its 2nd year, will see experts from various fields help to accelerate growth for Thai startups.
Mr. Orapong Thien-Ngern, said: “The first Accelerator program was extremely successful, with startups receiving funding as high as 8.5 million baht. They also got an opportunity to work with SCB’s largest corporate clients to offer business solutions. For example, OneStockHome, who offers a digital platform for construction materials, received strategic support from SCG; while Seekster, a cleaning and repair service platform for properties, has been strategically reinforced by Ananda Development. Additionally, several startups in DVAb0 are also forming product and technology partnership with SCB. These simply reflect the strong potential Thai startups possess.”
“The success of DVAb0 in the first year is a testament to the uniqueness of our Accelerator program for the support provided for startups to succeed. Throughout the six months, we witnessed outstanding performances and impressive growth that exceeded our expectations. For instance, PetInsure, the first online pet insurance brokerage service provider in Thailand, saw its customer base grow 45 times (data collected during October 2016 – March 2017), while Seekster’s revenue grew 77% (data collected during November 2016 – April 2017). We received cooperation from experts in many different fields, all contributing their knowledge and experiences to enhance the capabilities of our startups. We also had support from SCB and globally-renowned partners from diverse industries including Baker & McKenzie, PrimeStreet Advisory, Google and Microsoft. On the back of this fantastic success, we have decided to continue with DVAb1 to extend opportunities to more Thai startups. Our hope is that startups from our 2nd year of the program will achieve at least double growth by the end of the program. We are also more committed than ever to building the best ecosystem for startups in Southeast Asia and promoting real and sustainable growth. SCB’s corporate clients will also benefit from this,” said Orapong.
Mr. Charle Charoenphan, Head of Accelerator, Digital Ventures, said: “One thing that makes our Accelerator program stand out is the 300,000 baht funding all of the 10 selected startups receive, in addition to the knowledge they gain throughout the six months of the most intensive training from our well-designed and tailor-made course. The first three months focus on ensuring a strong business foundation, with courses including Startup Essential Program by Mr. Surawat Promyotin, Legal knowledge by Baker & McKenzie, and finance training by PrimeStreet Advisory. The latter three months are the real accelerator portion that will help our startups grow fast, with programs such as Growth Hacking and dedicated mentors who specialize in the fields in which our startups are involved, promoting truly sustainable growth beyond the end of the program. Teams will also get a chance to receive funding worth at least 1 million baht from SCB after they’ve completed the program.”
Startups joining the Accelerator program will also have the unique opportunities to work with SCB and its corporate clients, not to mention having access to knowledge and exchange experiences with leading international startups. Digital Ventures is committed to making DVA the best accelerator in Thailand and Southeast Asia.
About Digital Ventures
Digital Ventures is a financial technology subsidiary under Siam Commercial Bank. Established in 2016, the company spearheads the bank’s digital transformation. Digital Ventures strives to play a part in driving the change in the banking industry through investments, research and developments, as well as providing support for Thai startups to grow alongside SCB. The company’s initial capital in financial technology amounts to 1,750 billion baht (approximately USD 50 million). For more information, log on to www.dv.co.th