August 28, 2024
BANGKOK – “Startups on our fourth annual Forbes Asia 100 To Watch list have collectively drawn over $2 billion in total funding to date, with 83 of these companies raising capital since the start of 2023. This influx of investment was driven by their innovations, spanning some of the world’s hottest industries such as spacetech, biotech and robotics. Their ambition and achievements thus far paint a positive picture for the future of Asia-Pacific’s startup
ecosystem,” says Rana Wehbe Watson, Editorial Director/Special Projects at Forbes Asia.
This mix of 100 companies varies in their offerings, ranging from AI navigation systems for space exploration to cutting-edge cell therapies to advanced healthcare diagnostics. There are fintechs addressing the needs of the unbanked and retailers using digital channels to tap a new generation of consumers.
Companies from 16 countries and territories are represented on this year’s list, operating in a total of 10 industries, such as enterprise technology and robotics, finance, and manufacturing and energy.
India, a hotbed of startups, has the biggest presence this year with 20 companies, followed by Singapore (15), mainland China (10), Japan (9) and Indonesia (8).
For the selection of the 100 to Watch list, Forbes Asia solicited online submissions, and invited accelerators, incubators, universities, venture capitalists and others to nominate companies as well. To qualify for consideration, companies had to be headquartered in the Asia-Pacific region, be privately owned for-profit ventures, and have no more than $50 million in annual revenue and no more than $100 million in total funding through August 7.
Forbes Asia editors evaluated each submission, weighing factors such as impact on and contribution
to their industry and region, market fit, promising business model, innovation, track record of
consistent revenue growth and the ability to attract funding.
The 100 to Watch list, which can be found at www.forbes.com/100toWatch and in the September issue of Forbes Asia, is sponsored by FedEx.
These are the three Thai companies featured in the 100 to Watch list.
Hungry Hub
Category: E-commerce & Retail
Year Founded: 2014 • CEO: Surasit Sachdev
Hungry Hub is an online restaurant booking platform that also lets users view discounts and pay for their meals in advance. Through Hungry Hub, users can search for restaurants by cuisine, location or the type of occasion they’re celebrating. In 2022, Hungry Hub raised an undisclosed amount from Orzon Ventures, a VC firm jointly founded by Thai gas giant OR and 500 Global, in a series A funding round.
Roojai
Category: Finance
Year Founded: 2016 • CEO: Nicolas Faquet
Headquartered in the Thai port city of Laem Chabang, home to several auto companies, Roojai offers car, health and other insurance products in Thailand and Indonesia. Policyholders can use Roojai’s mobile app to file accident reports and call for roadside assistance. Roojai raised a total of $69 million in funding including $42 million in a series B round in 2023 led by German insurance giant HDI International, with participation from the World Bank group’s International Finance Corp. With the fresh capital, Roojai acquired the Thai division of Hong Kong billionaire Richard Li’s FWD General Insurance.
Simplus
Category: E-commerce & Retail
Year Founded: 2021 • CEO: Jack Zhang
Simplus sells small home appliances such as toasters, hair dryers and air fryers to customers across Southeast Asia on e-commerce platforms including TikTok Shop, Shopee and Lazada. Backed by Jakarta-based AC Ventures, the Bangkok-based startup announced that it turned profitable in 2023. Simplus cofounder Jack Zhang was previously CEO of Lazada Thailand. The company is backed by AC Ventures.