Hubba wins venture capital
Hubba Thailand, a Bangkok-based provider of co-working space services, has secured nearly US$1 million in financing from one local and two foreign venture capital firms along with seven angel investors.
The money will be used to expand its business to capitalise on the country's start-up boom, co-founder Amarit Charoenphan said.
The three large venture capital firms providing financing are California's 500 Startups, Singapore's Golden Gate Ventures and Thailand's Ardent Capital.
Mr Amarit said the money would be used to build a new co-working space facility to be called Hubbato.
In collaboration with real estate developer Sansiri Plc, the 800-square metre facility will be located in Habito community mall on Sukhumvit Road.
Hubbato will be specifically designed for the workplace of new entrepreneurs in the field of creative design and freelancers who want to work near home.
"Our facility will serve mobility lifestyle trends, targeting Generation Y," he said.
The Hubba-Sansiri co-working space is a pilot project for Hubba, one that could lead to other new opportunities in the property sector, Mr Amarit said.
Hubba also has a presence in Laos and is looking at other Asean members.
Mr Amarit, who is also secretary of the Thailand Tech Startup Association (TTSA), said the number of new start-ups and size of investment would double next year thanks to the government's new tax incentives for the venture capital segment.
The tax incentives are also expected to increase the number of local venture capital funds.
Mr Amarit believes demand for working space and business matching services will enjoy a sharp increase.
"We expect to reap the benefit of this environment in the coming years," he said.
In the past four years, Thailand has registered 50 start-ups worth a combined $100 million through fund-raising and mergers.
The TTSA expects Thai start-ups will secure $50-100 million in financing this year. Most venture capital funds investing here are from the US, Hong Kong and Singapore.