Krungsri Finnovate, Thailand-based Krungsri Bank’s venture capital arm injects an undisclosed amount into the startup’s Series A+

Krungsri Finnovate, a VC arm under Krungsri Bank, announced that it has invested into the extended Series A round of Thai customer relations management (CRM) startup Choco CRM, as reported by DealStreetAsia. Besides CRM, Choco CRM also offers point of sales (POS) services.

Prior to investing the undisclosed amount into Choco CRM, Krungsri Finnovate has invested in four startups. It previously funded blockchain and online payment unicorn Omise, fintech company Finnomena, proptech startup Baania, and AI-based banking system developer Silot.

Choco CRM targets small and medium enterprises (SMEs) with its CRM and POS solutions that offer personalised rewards and promotions. It claimed to be able to connect with the end-users through a physical card, mobile phone number, and a mobile application.

“The goal of this investment is to facilitate SMEs operators to be able to deliver financial services and to achieve business management efficiency and to have access to enhanced financial services, including Information-based Lending platform of Krungsri,” said Krungsri Finnovate managing director Sam Tanskul.

As for Choco CRM, its founder and CEO Sirasit Suriyapattanapong stated that this partnership has helped paving way for Choco CRM to access the financial services market, in addition to its current customers such as restaurants, gadgets, and fashion stores.

Also Read: Jungle Ventures closes US$175M of third fund, targets US$220M

Krungsri will be a key driver in the development of a payment gateway for Choco CRM’s POS users.

Before securing this investment, Choco CRM had secured US$1.25 million in funding from InVent back in September 2018. InVent is the corporate venture capital arm of Thailand’s telecommunication firm INTOUCH Holdings.

–

The post Krungsri Bank VC invests in Thai startup Choco CRM appeared first on e27.