Beacon Venture Capital (Beacon VC), the corporate venture capital arm of Kasikornbank, is investing in a seed-financing round for Horganice, a leading rental properties management platform in Thailand.
The funding will enable Horganice to accelerate customer acquisition as well as adding new services to digitise rental properties, propelling Thailand into a digital era, according to Beacon.
Thanapong Na Ranong, managing director of Beacon VC, announced that the seed-financing investment on Tuesday. Horganice is a startup that provides rental properties management technology for apartments, dormitories and markets. The investment sum was not disclosed.
Beacon VC’s investment provides an opportunity for Horganice to build technical capability as well as to collaborate with KBank in order to acquire new customers and leverage innovative financial services. Those services, such as payment systems, can “provide fast, efficient, and convenient product offerings to Horganice’s customers, especially those outside of Bangkok which are Horganice’s target market,” said Thanapong in a release.
Horganice represents the seventh direct investment and the first seed round investment by Beacon VC. Its most recent investments include Thailand-based wealthtech company Jitta, Southeast Asia’s leading cross-border payment company InstaReM, and ride-hailing and financial services unicorn Grab.
The partnership with KBANK will enable Horganice to offer seamless financial services to tenants, property managers and property owners, and thus leveraging KBank’s leadership in digital banking. Collaborative initiatives that have already gone live this past year include online bill payments and new loan offerings.
KBANK and Horganice have also been working closely together to bring knowledge on smart property management in the digital era to small and medium businesses (SMBs) across Thailand.
Horganice has had great reception from the market and is now serving around 3,000 properties, covering more than 130,000 rooms across almost every province in Thailand, according to the release.
The company was founded by a group of aspiring young entrepreneurs and has received many national awards from notable organisations, such as the Winner Award of Startup Thailand Pitching Challenge Chiang Mai in 2017.
The company initially started out providing management software to university dorm owners before extending their product offerings to include cloud-based internet of things (IoT) hardware solutions, and expanding coverage to wider customer segments including hospital dorms and markets.
Established in 2015, Horganice offers both smart property management software and hardware-based automation products that reduce management costs and allow dorm owners to run their businesses easily and efficiently.