Startups to receive up to 50 million baht from BoI initiative

Startups with significant growth potential in targeted industries will receive financial backing, up to 50 million baht each, through a new initiative launched by the Board of Investment (BoI). This initiative, known as the Matching Fund, operates under a larger fund managed by the Competitiveness Enhancement Board, chaired by Finance Minister Pichai Chunhavajira.

The Matching Fund aims to collaborate with venture capital to support startups, particularly those involved in high-technology sectors. Bol Secretary-General Narit Therdsteerasukdi stated that the fund seeks to enhance the capabilities of startups specialising in new-generation cars, electric vehicles (EVs), smart electronics, biotechnology, agriculture, food, and medicine.

The BoI will provide financial assistance ranging from 20 to 50 million baht to each qualifying startup, contingent on meeting specific criteria. These startups must clearly outline their business direction and plan to gain international recognition.

The BoI is particularly interested in whether these startups have plans to raise funds internationally and how they intend to export their products and services, said Narit.

“Financial sources and human capital are two key factors that will drive the growth of startups. The BoI will launch measures to support these two factors through the competitiveness enhancement fund.”

To be eligible for financial assistance under the Matching Fund, startups must have at least 51% Thai ownership. This fund is part of the government’s broader strategy to develop 12 targeted S-curve industries within the Eastern Economic Corridor (EEC).

The EEC encompasses parts of Chon Buri, Rayong, and Chachoengsao, areas slated to become the country’s high-tech industrial hub. The government is promoting zero-emission vehicles within the EEC, with a goal for battery EVs to make up 30% of total car manufacturing by 2030.

Thai officials aim to produce 725,000 zero-emission cars, 675,000 electric motorcycles, and 34,000 electric buses and trucks by the end of the decade. This ambitious plan is part of the broader effort to position Thailand as a leader in high-tech and sustainable industries, reported Bangkok Post.