500 Startups, the U.S. startup investor/accelerator with a reputation for backing startups across the world, is deepening its efforts in Asia with a new $10 million micro-fund for Thailand.
The organization launched a $10 million fund for Asia — ‘500 Durians’ — in 2013, but this new one — ‘500 TukTuks’, named after the iconic taxis pictured above — is dedicated to Thailand, a country where there are few VC firms.
500 Startups declined to comment on the fund when we contacted the company, but TechCrunch has reviewed pitch documents provided to investors and confirmed its existence with multiple sources within Thailand’s startup community.
The fund is not closed yet, but a formal announcement — including details of its first investment(s) — is expected to be made next month.
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