PTT Oil and Retail Business establishes venture capital fund
PTT Oil and Retail Business Public Company Limited (PTTOR) has established a venture capital fund called ORZON Ventures LP registered in the U.S. state of Delaware. PTT Oil and Retail Business said initial investment in the fund is USD25 million, which can be raised to USD50 million later. The investment is being coursed through its wholly owned Singapore subsidiary, PTTOR International Holdings Company Limited.(Singapore) Pte. Ltd., according to the company website.
Fund to invest in promising start-up companies in Thailand and neighboring countries
PTTOR International Holdings will have a 99% stake in ORZON Ventures, while the remaining 1% stake will be held by 500 Global, formerly called 500 Startups. 500 Global is a venture capital firm with more than USD1.8 billion in assets under management that invests early in founders building fast-growing technology companies.
500 Global has been investing in Thailand, through 500 TukTuks. ORZON Ventures will be managed by 500 TukTuks. According to the PTT Oil website, the venture capital fund is “looking to invest in promising start-up companies in Thailand and neighboring countries.”
Areas of interest include energy, food and beverage, smart retail, mobility, health and wellness, information technology, and travel.
500 Global is also looking at raising USD75 million for its 500 Southeast Asia III fund. The 500 Southeast Asia fund was previously called 500 Durians. The Southeast Asia Fund is now open to follow-on investments of up to USD5 million each, as well as potential investments through speial-purpose vehicles, according to Deal Street Asia.
PTT Oil and Retail Business Public Company Limited is a subsidiary of state-owned oil and gas company PTT PCL. On July 1, 2018, PTT restructured its organization and transferred all businesses under its Oil Business Unit, including the shares of related companies, to PTT Oil and Retail Business Public Company Limited. The business includes 2,367 fuel retail outlets, 3,729 Cafe Amazon outlets, 2,118 convenience stores under the Jiffy and 7-Eleven brands.
PTT Oil and Retail launched a USD1.57 billion initial public offering (IPO) earlier this year.