BANGKOK, Oct. 10, 2023 /PRNewswire/ — CyberAgent Capital, Winvestment, and Angkaew Holding jointly make an investment of over 35 million baht in Horganice. The funding will pave the way for the scaling of the company’s customer base, addition of new services to bring real estate management in Thailand into the digital 4.0 era and international expansion.
Mr. Thanachat Tangsriwong, Chief Representative of Thailand CyberAgent Capital, Inc., revealed that CyberAgent Capital Company Limited has decided to participate as the lead investor in this funding round due to the main supporting factors being the potential and capabilities of Horganice as a top leader in Property Technology (Proptech) in Thailand in several dimensions as well as the founding team, which is more crucial than anything else.
The first dimension is the industry that the company is operating in. The sector consists of dormitories, apartments, and small condominiums, as well as various forms of rental space. The company has created a one-stop-service management system that provides convenience, saves time, reduces both direct and indirect management costs, and significantly improves the lives of tenants residing on the property. A comprehensive due diligence and analysis of the company’s operational status demonstrated that users had and continue to have an extremely high system utilization rate. This reflects that Horganice’s system serves its customers’ needs more effectively than its competitors.
Secondly, we see that there are actual ‘pain points’ or problems that Horganice intends to solve and it is not restricted to only the Thai market. Our analytical research found that almost every country in the Southeast Asian region also faces similar problems. In several markets, there is still ample room for competition as there is no clear market leader, and in some countries, there is no player trying to solve this issue seriously. This enables us to see the opportunities and business potential of expanding Horganice’s operations outside of Thailand. As CyberAgent Capital has operations in Thailand, Indonesia, Vietnam, and Japan, as well as expertise and experience in assisting businesses with international expansion and growth, this shared characteristic makes Horganice an even more compelling investment for the fund.
Lastly, the company can leverage its technology and know-how to solve similar problems in the big new markets including the industry of fresh markets and flea markets. A significant amount of capital in the fresh markets and flea markets has always been overlooked because it is quite challenging to solve the problems as it requires enormous resources which is not worth tackling and investing in for typical entrepreneurs in the early stages. However, Horganice has generated ideas, conducted research, and uncovered extensive customer insights. It concludes that there is a similar nature to the problem among the group of market owners and panel tenants, similar to that of dormitory owners and tenants. By leveraging the existing technology and infrastructure, Horganice has developed Myket Pro to serve this market. Additionally, Horganice obtains the opportunity to work with TalaadThai, the largest agricultural wholesale market in ASEAN. After more than two years of collaboration, TalaadThai has transformed itself and revolutionize the wholesale industry by having Horganice as an enabler. Eventually, TalaadThai changed the status from the system user to be a co-investor. This demonstrates a solid problem-solving ability and the effectiveness of Horganice’s management system.
With these three main reasons, they increase the investor confidence and we believe that these factors will contribute to the long-term success of this investment and the company.
Mr. Pradit Phataraprasit, Chairman of Winvestment Company Limited and shareholder of Thai Agro Exchange Company Limited (TalaadThai), disclosed that TalaadThai currently has over 5,000 stalls and over 3,500 vendors. From 2023–2025, TalaadThai plans to expand the market area through construction and renovation, especially the 8,000 square meters of fresh markets, 8,000 square meters of the fish and seafood market as well as the 6,000 square meters of the meat market that will be the first large air-conditioned market building constructed to international standards in Thailand. The plan will give TalaadThai a more comprehensive selection of products other than the exceptional selection of vegetables and fruits. The Myket Pro platform developed by Horganice will ultimately serve the needs of buyers, entrepreneurs, and consumers by supporting the development of an effective operational work flow, reducing errors, and allowing the market to expand its business by improving service levels and increasing customer satisfaction.
This is why “TalaadThai” participated in Horganice’s Series A investment round by using the investment holding company of Phataraprasit family. Horganice, the market leader for rental space management platforms in Thailand, has leveraged the dormitory and flat management platforms in collaboration with TalaadThai, the largest wholesale market for agricultural products in ASEAN, to develop the Myket Pro platform to manage stalls and rental space for fresh market businesses.
Asst. Prof. Dr. Thanyanupap Anantana, Vice President of Chiang Mai University (CMU), as a representative of CMU and one of the shareholders of Ang Kaew Holding Company Limited, revealed the consideration of the participation in the Series-A round of Horganice. Angkaew Holding Co., Ltd. has witnessed the expansion of Horganice, which has the potential to be the leading company in Asia. Combined with a clear business plan that is prepared to grow the company and path to profitability, the executives decided to invest in Horganice to support Angkaew Holding’s first high-potential startup. This investment will also serve as a model for future investments in university startups. Besides, CMU will use the company’s digital platform to manage university dorms, making management more convenient and efficient than it is at present.
Mr. Tanawit Tonekunya, CEO and Co-founder of Horganice Co., Ltd., disclosed that Horganice currently provides management systems to over 20,000 real estate owners, covering over one million rooms and assisting in rental fee collection of up to 6 billion baht per year.
Since the beginning, we have been focusing on achieving our mission of transforming Thailand’s real estate management into the digital age, allowing the property owners to live their lives without concern. We believe that this investment round will help our team continue to fulfil our commitments and get closer to our mission.
This investment brings in a new dimension for Horganice as CyberAgent Capital is the first foreign investor, which could help contribute to Horganice’s expansion strategy outside of Thailand.
By bringing “TalaadThai”, which brought in Winvestment Company Limited to participate in this investment round, TalaadThai has shifted from being a customer to a co-investor in the company and is ready to drive Myket Pro, a rental management platform for market business, to help the fresh market and flea market industries to have a more effective and efficient operations.
In addition, the investment from Angkaew Holding Company Limited, the holding company of Chiang Mai University, is considered as one of the company’s accomplishments, as this is the first time that Angkaew Holding Company has invested in a high potential company. Chiang Mai University has recently signed a Memorandum of Understanding (MOU) with Horganice to expand their collaboration in the field of dormitory management. The agreement entails the utilization of the company’s dormitory management system to enhance the management of student accommodations within the university in order to improve the efficiency and convenience for both students and the university.
Media Contact: Eri Shimodaira, shimodaira_eri@cyberagent.co.jp
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