Beacon Venture Capital (Beacon VC) has announced the recent success of its Beacon Impact Fund – a fund established for investment in ESG-focused startups that seeks to generate profit while fostering sustainable, positive impacts and exhibiting the potential for scalability. During 1H23, Beacon Impact Fund invested over 9 million USD or roughly 320 million Baht in four startups.
Thanapong Na Ranong, Managing Director, Beacon Venture Capital Co., Ltd. (Beacon VC), said, “As a corporate VC arm of KASIKORNBANK (KBank), Beacon VC has long been a prominent player in the Thai startup investment scene. We have seen abounding opportunity for investment in startups that are strongly committed to addressing environmental, social and governance issues. This aligns with the global trend that has captured the attention of investors worldwide and presents a collective challenge for all stakeholders as they seek to adapt and effectively advance towards a sustainable economy.”
Since the launch of Beacon Impact Fund in February 2023, it has exhibited impressive growth. The Fund has primarily focused on direct investment in for-profit startups or via global venture capital funds that aim to craft solutions that create positive impacts across various ESG dimensions, with the potential for scaling up. Thus far, Beacon Impact Fund has already invested in four startups, both directly and through other venture capital funds, in its efforts to support startup companies around the globe. These startups are, i.e.,
- Algbra – a UK-based financial services startup. Algbra has developed a platform for Muslims in the UK to access financial services in keeping with their religious principles. Its vision and mission include service expansion and creating social impacts, particularly financial inclusion and equality, among Muslims worldwide.
- Wavemaker Impact – a venture capital business that aims to reduce global carbon emissions by 10 percent. It is also the first “climatech” venture builder in Southeast Asia with experienced staff to provide advice to collaborate with and support startups in its portfolio to achieve their goals in creating positive climate impacts.
- Quona Opportunity Fund – a venture capital business and a leading investor to accelerate financial inclusion via innovative fintech startups within the economic systems of emerging markets. Its missions include the eradication of inequality, as well as the acceleration of financial inclusion in both the unserved and underserved segments, which are its major targets, in Asia, Africa and South America.
- Siam Capital – a fund set up by Ms. Sita Chantramonklasri, a Thai investor with extensive experience in investment and sustainability in the US. The Siam Capital Fund focuses on investment aimed at contributing to sustainable consumption, or what Ms. Sita refers to as “conscious consumption”. This is achieved through investment in startup firms in various fields, including environmentally friendly materials, emissions trading systems, as well as financial solutions that offer greater access to funding sources for companies embracing green practices. Ms. Sita expects to expand tech investment in US markets.
Moreover, Beacon VC is working towards direct investment in another startup providing solar rooftop solutions. In the first half of 2023, total sustainable investment of Beacon Impact Fund reached 9 million USD, or approximately 320 million Baht. The fund has set a target of 400 million Baht for total investment in 2023.
Thanapong added that Beacon VC aims to drive and support new-gen innovators who are determined to address current critical challenges. This intent is consistent with KBank’s business operations that are based on the principles of a Bank of Sustainability, with its endeavor of helping to propel Thailand and the global community towards sustainability. Additionally, the Beacon Impact Fund is part of KBank’s target allocation of at least 100-200 billion Baht in sustainable financing and investment by 2030.