Wilmington, DE -- (ReleaseWire) -- 01/29/2018 -- The ASEAN economy (Association of SouthEast Asian Nations) is the 3rd fastest growing Asian economy in the world (GDP of $3 trillion) alongside China and India. It is the #1 growing internet region in the world, growing at 14% CAGR. Over 260M internet users expected to grow to half a billion by 2020. The region has 700 million mobile connections and 4 million users coming online monthly. With the population of nearly 700 million people, ASEAN region boasts a solid growth potential over the next several decades with more young people under 30 than any other region in the world. This will be a tremendous driver for growth, especially in technology innovation.
TechGrind & its suite of operating companies (Hub, Online, Venture Syndicate, Incubator) in the region is uniquely positioned to capitalize on this growth. "We were in the region before Google & Amazon helping start the tech ecosystem five years ago" says Efraim Petterson Ivener, Co-Founder of the TechGrind VC Fund and Incubator.
TechGrind operates a portfolio of 21 startups that are part of its incubator in Bangkok. With the longest running incubator program (18 months) in the region, TechGrind has proven that it is possible to build startups in the region. "We primarily focus on five countries in the region where TechGrind is taking a strategic investment position: Thailand, Indonesia, Philippines, Malaysia, and Vietnam. These countries account for 85% of the ASEAN economy, with a vast head start in development, growth, and infrastructure" says Pavel Laletin, Co-Founder of the TechGrind Incubator. ASEAN is a "win all" market however - so the fast growing economies of Myanmar, Cambodia, Laos are easy follow-on targets for expansion.
With disposable incomes on the rise (fastest growing middle class in the world), these people have $20 - $100 a day in disposable income, something their previous generation never had.
Because the technology landscape in SE Asia is relatively new, there is tremendous opportunity in solving some of the very basic problems using technology. As an example, Facebook has achieved 100% penetration in the region just within a few years. GrabTaxi became a $3.3bn unicorn in under 3 years. There are only a handful of tech unicorns in the region with plenty of room for technology disruption across all industries.
"South East Asia's tech economy is in its infancy. We expect the region's technology ecosystem to grow many folds over the next several decades as more founders start disrupting industries that have not been disrupted in 30 years", says Varun Kanotra, General Partner of TechGrind Venture Capital. "Adoption trends in both internet and mobile have shown the shear momentum with which technology is penetrating the ASEAN economy", says Varun.
The fund will invest in seed and Series-A rounds. Investments will be made in companies that come through the incubation program and the local tech ecosystem.
For more information, contact firstname.lastname@example.org.
TechGrind has several companies operating under its brand both in South East Asia and United States. TechGrind Venture Capital is a US based (Delaware LLC) entity that will invest committed LP capital into technology companies in SouthEast Asia.
Varun Kanotra Co-Founder & General Partner, TechGrind Venture Capital
Address: 300 Delaware Ave, Suite 210-A Wilmington, DE 19801
Phone Number: 614-288-5454
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