2019.03.13 Corporate Announcement
● LINE’s 'post-accelerator' program teams with LINE Ventures to offer Thai startups unparalleled access to technology, mentoring and a global footprint
● Up to USD20 million in funding available for top project
BANGKOK – March 13, 2019 – LINE Company (Thailand) Ltd. today announced the launch of LINE ScaleUp2019, a "post-accelerator" program that aims to empower the Thai startup scene, with a focus on scaling up startups, expanding outside of Thailand and helping gain international funding.
Launched last year, LINE ScaleUp offers local startups the chance to team up with LINE and LINE Ventures to strengthen their global footprint and achieve international funding opportunities. LINE ScaleUp offers selected startups access to the LINE Messaging API, technical consultation, and business and investment coaching, with the goal of ultimately creating the first Thai "unicorn" with a global presence.
"We’re aiming to empower the Thailand startup scene and help develop Thailand’s first 'unicorn'," said Jayden Kang, executive director of LINE ScaleUp for LINE Thailand. "Already we have had much success with such partnerships as Lalamove, Wongnai and Alpha for LINE MAN, Scout Out for LINE JOBS, and Ookbee for LINE DOO DUANG, along with our investments in and acquisitions of startups like DGM59, Sellsuki and Fastwork, helping those companies scale up and grow."
Despite the success of the Thailand economy in Southeast Asia, its startup scene remains relatively underdeveloped compared to Indonesia, Vietnam and Malaysia, with only USD61 million invested in Thai startups last year.
To help the local startup scene overcome those challenges, LINE ScaleUp was launched last year. In the 2018 edition, five startups were selected from over 50 applications. Now for 2019, Kang says that LINE ScaleUp is looking for startups that have already launched and are now aspiring to expand, as well as those who are committed to developing resources on the LINE platform.
Another key part of LINE ScaleUp is the program’s cooperation with LINE Ventures, a corporate VC under LINE Corporation that consists of three funds and 43 portfolios worldwide. In addition to offering knowhow and a global footprint, LINE Ventures says up to USD20 million in funding will be available for the LINE ScaleUp project judged to be top in its class once the program finishes in November.
"We believe that the genuine support from LINE ScaleUp and LINE Ventures will empower Thai startups to cross to Series B and beyond," said Kay Lim, head of global investment at LINE Ventures. "Our experience and reputation can empowering startups to reach their full potential. It is an opportunity for Thai startups to gain access to LINE's diverse assets and leverage LINE’s global footprint."
Startups can register to be a part of LINE ScaleUp until May 17, with the pitching proposal taking place on June 5. Once again, five promising ventures will be selected, with the ScaleUp camp taking place from July to October, followed by evaluations in November.
For more information about LINE ScaleUp and to register, visit the official website: scaleup.line.me
About LINE Ventures
With offices in Japan, the United States, China, and Korea, LINE Ventures is the venture investment arm of LINE Corporation, providing funding, industry knowledge, and operational support to its portfolio companies across the globe.
About LINE Corporation
Based in Japan, LINE Corporation (NYSE:LN/TSE:3938) is dedicated to the mission of "Closing the Distance," bringing together information, services and people. The LINE messaging app launched in June 2011 and since then has grown into a diverse, global ecosystem that includes AI technology, fintech and more.