Riding on Digital Ventures’ mission to build accelerated and sustainable growth through knowledge sharing, investment and business opportunity with Siam Commercial Bank and its corporate customers
Digital Ventures, the fintech investment and development subsidiary of Siam Commercial Bank, marked the commencement of the Digital Ventures Accelerator Batch 1 or “DVAb1” program, with 10 participating startup teams recruited from 148 applications. The extensive accelerator program offers unprecedented opportunity for startups to build accelerated growth as well as business partnership with Siam Commercial Bank and its corporate customers, thanks to team of veteran speakers and business gurus from SCB and partners including Ananda Development, SCG’s AddVentures, and PTT’s ExpresSo. The program marked another progression of DV’s mission in building Southeast Asia’s best startup ecosystem, key fundamental that enhances Thai startup’s capability to grow sustainably in line with international standard.
Orapong Thien-Ngern, Chairman of the Executive Committee, Digital Ventures, said that “The new batch of DVA is more intensive than the previous batch. Program design, speakers, participating partners and learning activities are more closely synchronized to create accelerator program that truly helps startup grow and scale with 360-degree sustainability, with full knowledge and financial support from Siam Commercial Bank and Digital Ventures. Our financial support comprises initial fund of Baht 300,000 for each team for use in product development during program period, and offering of Baht 1-million minimum investment for qualified startups after the program completion. Most importantly, participating startups have opportunity to realize their business potential, with support from SCB and its partners in connecting their business to the bank’s extensive customer base, through SCB’s digital platform and infrastructure.”
According to Charle Charoenphan, Head of Accelerator, Digital Ventures, “The 10 participating startups comprise more diversified business sectors than the previous batch, going beyond FinTech to HealthTech, EnergyTech, and PropTech, etc. This makes up a wide range of new business opportunities, not limited only with Siam Commercial Bank, but with the bank’s corporate customers as well. DVAb1 also gains support from several leading business organizations including SCG’s AddVentures, PTT’s ExpresSo and Ananda Development, all contributing to establishing a tech community that helps nurture a strong startup ecosystem in Thailand.”
The success of DVAb0 last year marked a new chapter for Thai startup development. Participating startups in DVAb0 has received investment capital of over Baht 125 million, succeeded in forming 31 partnership deals as well as executed 17 proof of concepts. Several startup teams also had opportunity to work with SCB’s large corporate customers for further commercial viability, e.g., OneStockHome, an online platform for trading construction materials, sealed a deal with SCG and is currently finalizing business plan with SCB, while Seekster, a home and office maintenance service application, partnered with Ananda Development.”
10 participating startups in DVAb1 comprises fintech like ChomCHOB, a point exchange platform; as well as other business sectors like Dootv Media, video streaming service for enhanced contents; ENERGY RESPONSE, an online platform for smart energy management in building; Event Banana, an event space and venue management platform; Happenn, a one-stop service for event organization; JuiceInnov8, sugar reduction technology for fruit juice; Meticuly, manufacturer of customized bone replacements for individual need; MyCloudFulfillment, logistic management system for trade inventory; Ooca, psychiatrist consultation service on video call and Sellorate, online platform for independent real estate dealer.
Build up over the experience from last year’s program, DVAb1 comes with an elevated intensity of incubation, from program design to engagement of speakers and partners. During the 6-month program period, the first three months focus on ensuring a strong business foundation, with courses including legal knowledge by Baker & McKenzie, finance training by PrimeStreet Advisory and essential knowledge for startup business. The latter three months are the real accelerator portion that will help our startups grow fast, with programs such as Growth Hacking. Startups also gain experience sharing and seek advice from business gurus who specialize in their respective field as well as work in close consultation with the management team of Digital Ventures on investment and technology aspects.
“Another uniqueness of this year program is matching of startup and mentor according to business compatibility and chemistry. We still retain one-to-one matching practice so that each startup team can fully benefit and gain knowledge from its mentor. Apart from forming a viable business with SCB and its corporate customers, DVA startups also have opportunity to exchange knowledge and experience with leading international accelerator programs, with aim to make DVA the best startup incubation program in Thailand and Southeast Asia,” added Charle.
For more information about Digital Ventures Accelerator (DVA), go to Facebook.com/DigitalVenturesTH.
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
About Digital Ventures Accelerator (DVA)
DVA builds on the vision of Digital Ventures, the fintech investment and development subsidiary of Siam Commercial Bank, with ambition to be the best startup accelerator program in Thailand and Southeast Asia, a part of DV’s mission to build startup ecosystem in Thailand through knowledge sharing, financial support and business opportunity for participating startups to grow and scale in local and international markets. For more information, go to http://dv.co.th/dva/
