The $265mn series B round, led by Singaporean sovereign fund GIC, boosts the food delivery app as it becomes the fourth unicorn in Southeast Asia’s second-largest economy
The $265mn series B round, led by Singaporean sovereign fund GIC, boosts the food delivery app as it becomes the fourth unicorn in Southeast Asia’s second-largest economy
$265mn: Food delivery app Line Man Wongnai's $265mn series B round on 26 September is the largest venture funding round in Thailand to date, eclipsing logistics company Flash Express's previous record in October 2020 before it became the nation’s first unicorn last year. It is the largest series B in Thailand since November 2017, when logistics e-commerce firm aCommerce Group raised $65mn in a sign of a comeback in investor appetite for earlier stage rounds in line with the global trend.
The funding round, co-led by new investors GIC and Japanese tech giant Line, values the start-up at $1bn, making it the fourth unicorn after Flash Express, Ant Group-backed fintech company Ascend Group and cryptocurrency exchange Bitkub. Other investors include Taiwan Mobile, BRV Capital Management, Bualuang Ventures (the corporate venture capital arm of Bangkok Bank), and PTT Oil and Retail Business, reflecting the prevalence of corporate venture capital in the country.
$200mn: In a landmark deal in October 2020, logistics operator Flash Express raised $200mn in a series D, in what was at the time the largest deal in Thai VC history. The funding round was led by PTT Oil and Retail Business with the participation of T.C. Pharmaceutical Industries and Krungsri Finovate – all of which are corporate venture capital. The milestone fundraiser sets the foundation for Flash Express to be Thailand’s first unicorn in the following summer after the e-commerce start-up raised another $150mn in series D and E funding.
$150mn: Ant Group-backed fintech operator Ascend Group became the second unicorn in Thailand after raising $150mn in September 2021, valuing it at $1.5bn. The country's agriculture conglomerate Charoen Pokphand Group led the series C round. The e-commerce start-up counts Ascend Money, a mobile payments app, as its flagship subsidiary. Southeast Asia is poised to experience the fastest mobile wallet growth in the world in the coming years, with usage set to grow by 311%, to 440 million in 2025, up from 141 million in 2020.
Newly minted unicorn eyes decacorn status
Line Man Wongnai, established in 2020 after the merger of Line Man's messaging platform and the Wongnai restaurant review site, counts food delivery giants Grab and Delivery Hero's foodpanda among its competitors. Despite the challenging economic environment, CEO Yod Chinsupakul has said the firm is targeting profitability and an initial public offer in the coming years. In an interview with Bangkok Post following the fundraiser, Chinsupakul said: "Our next ambitious plan is to become a decacorn and list on the SET. We want to be a national champion among local tech firms standing in the SET 50."
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