Depa, venture capital funds make investments in Horganice

Depa, venture capital funds make investments in Horganice

The Digital Economy Promotion Agency (Depa) along with two investment funds have invested in Horganice, a local rental management startup, as part of its dVenture programme aimed at accelerating growth of startups through its public and private network.

The two investment funds are Beacon Venture Capital Co (Beacon VC), a corporate venture capital (CVC) arm of Kasikornbank, and InnoSpace (Thailand) Co, a venture capital (VC) joint effort between the public and private sectors.

No details have been given about the scale of the funding in the startup.

Nuttapon Nimmanphatcharin, president and chief executive of Depa, pointed out that dVenture, which is the agency's venture building network programme, is a key mechanism that would level up the growth of local startups, supporting them with Depa's strong network of investors and venture capitalists via the first-ever government matching fund scheme.

Depa will support startups under the dVenture programme with priority to access government procurement and various tax and non-tax benefits, he said. They will be assisted in expanding their reach to both domestic and foreign markets.

The startups will receive incentives to sell their products and services to entrepreneurs, small and medium-sized enterprises (SMEs), local shops and communities, which have been subject to Depa's digital transformation fund schemes.

Depa will support the startups' business practice to reach international standard and promote them via public and private networks worldwide, he said.

Under the investment, Depa, Beacon VC and InnoSpace will work together to support Horganice to grow vigorously at the national and regional levels, said Mr Nuttapon.

"Depa is following through on the Digital Economy and Society Ministry's policy to help accelerate the development of digital startups through promotion and support to enable them to usher in digital technologies to respond to users' demand," he said.

Tanawit Tonekunya, founder and chief executive of Horganice, said the investment is a new opportunity for his firm to develop new products and expand its services to meet the needs of consumers and fast changing consumer behaviour in the new normal.

Horganice provides a platform that supports dormitory and apartment management, covering 10,000 projects and 500,000 rooms across the country.

Thanapong Na Ranong, managing director of Beacon VC, said the investment is another crucial step that expands the firm's investment in digital startups and helps Horganice strengthen its leading position in rental space management.

Tortrakul Wattanaworakitkul, acting chief executive of InnoSpace, said Horganice is a digital startup with promising potential. The strong network of large corporates under InnoSpace could be a boon for Horganice's expansion to reach the business-to-business market.

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