Beacon Venture Capital Company Limited (Beacon VC), the venture capital arm of KASIKORNBANK (KBank), and the Global Green Growth Institute (GGGI) Thailand have signed a memorandum of understanding to promote startups and support the growth of climate technology innovations. The partnership aims to strengthen the ecosystem for climate tech innovations, preparing startups for fundraising, business expansion, and funding opportunities. Building upon their ongoing collaboration, Beacon VC and GGGI are now working on establishing a Climate Tech Equity Trust Fund, dedicated to investing in climate tech startups to combat climate change.
Mr. Thanapong Na Ranong, Managing Director of Beacon Venture Capital Company Limited (Beacon VC), said, “Beacon VC's investment policy aligns with KBank's strategy, including the effort to advance its business under the principles of a Bank of Sustainability. As a result, Beacon VC has a policy of supporting investment for startups to develop sustainability-focused technologies through the Beacon Impact Fund, which was established in 2020. This collaboration will catalyse additional investment in Thai climate tech startups and empower Thailand to achieve its net zero goals by 2065."
Dr. Frank Rijsberman, Director-General of the Global Green Growth Institute (GGGI) Thailand, stated, “The GGGI will continue to support the climate tech startup ecosystem in Thailand. This MoU between GGGI and Beacon VC marks a significant step in accelerating sustainable finance and fostering green innovation development in Thailand, on top of our ongoing collaboration in the establishment of the Climate Tech Equity Trust Fund."
Under the MoU, the two organizations will jointly develop initiatives and programs to enhance the ecosystem for climate tech innovation, including knowledge sharing, capacity building, advocacy, and awareness-raising to improve the readiness of climate tech startups to secure investment, scale their operations and attract further investment.
About Beacon Venture Capital
Beacon Venture Capital (Beacon VC) was established in 2016 to serve as the venture capital arm of KASIKORNBANK. Beacon VC focuses on strategic investments in early to growth-stage technology startups covering financial technology (FinTech), consumer internet, enterprise technology, and sustainability technology. Beacon VC established the Impact Fund in 2020 with the objective of investing in startup companies that aim to create sustainable positive impacts with measurable outcomes, and have the potential for scalability, with an initial investment of 1.2 billion Thai Baht, or approximately 30 million US Dollars. The fund's investments align with the Sustainable Development Goals (SDGs) of the United Nations and the vision of KASIKORNBANK, which emphasizes driving businesses based on the principles of sustainability (Bank of Sustainability).
About GGGI
The Global Green Growth Institute (GGGI) was established as an international intergovernmental organization at the United Nations Conference on Sustainable Development (also known as Rio+20) in 2012 in Rio de Janeiro, Brazil. Thailand became a member of GGGI in 2016. GGGI Thailand has consistently collaborated with and supported the Thai government in implementing policies related to climate change and green economic development, particularly in achieving the Nationally Determined Contributions (NDCs) under the Paris Agreement.