SGHoldCo, a wholly-owned subsidiary of Thai oil company OR, and early-stage investor 500 TukTuks (now 500 Global), have jointly launched a $ 50 million fund to invest in startups in Thailand and Southeast Asia.
ORZON Ventures will focus on both OR-related technologies and new businesses in the AB Series phase under the theme of mobility and lifestyle.
In other words, the fund will invest in startups that meet the needs of future mobility solutions or in those that meet the new changing needs of the modern lifestyle, such as food and beverage startup, travel, health, wellness and other digital lifestyle solutions.
The deployment of ORZON Ventures will allow the OR to gain greater access to early-stage startups in Thailand and Southeast Asia. By doing so, the oil company wants to strengthen and expand its business.
SGHoldCo will initially invest $ 25 million in ORZON with the potential to increase in size to $ 50 million in the future.
Also read: Flash Express provides $ 200 million in Series D to expand SEA’s e-commerce logistics service
According to CoR President and CEO Jiraphon Kawswat, one of his growth strategies is to seek new business opportunities to develop beyond the horizons of the oil business in a rapidly changing environment. The CoR seeks cooperation with large companies, as well as with smaller and more agile organizations. Partnerships can take the form of business alliances to invest in SMEs or startups that the CoR believes have the strength and advantage in technology, speed and agility to adapt to change.
However, smaller businesses face many challenges, such as lack of human resources, resources, access to customer support, and ecosystem support. ‘OR’ believes that it can help fulfill and support startups by investing, providing access to a large user / OR ecosystem and other basic business support from relevant experts.
Recently, the OR recently ran a $ 200 million series of D rounds of Flash Express, the first unicorn in Thailand.
Image credit: ORZON Ventures
Post-Thai oil company OR, 500 TukTuksa has launched a $ 50 million mobility and lifestyle fund ORZON Ventures first appeared on e27.