Thailand’s Rabbit Internet raises US$9.1M; will boost domestic operations
The Rabbit brand is also planning to launch two additional verticals and looking to fund local Thai startups
Rabbit Internet founding team
Bangkok-based Rabbit Internet announced today a THB325 million (US$9.1 million) funding round led by BTS Group Holdings Plc., the majority shareholder of Bangkok Mass Transit System PLC.
Rabbit Internet is a company builder and is behind Rabbit Finance — Thailand’s top finance and digital insurance brokerage portal.
The capital will go towards expanding operations within the country, meaning the development of financial, media and content enterprises aimed at the Thai market. The company is also planning to launch two additional verticals in e-commerce and content under the Rabbit brand.
Furthermore, Rabbit may look to make investments in Thai startups in the range of US$50,000 to US$500,000 each. The investments would have to attract third-party funding as it grows.
“The investment by BTS Group Holdings is a sign of confidence for Thailand’s digital economy,” said Johannes von Rohr, Co-founder and Managing Director at Rabbit Internet, in an official statement.
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Rabbit Internet is a joint venture between BSS Holdings (a wholly-owned subsidiary of BTS Group) and Hong Kong-based investment firm Alpha Founders.
In addition to Rabbit Finance, the company also runs an online publication called Rabbit Daily and a digital advertising platform, called Rabbit Connect.
As for Rabbit Finance, Rabbit Internet is hoping the service can achieve a 5 per cent market share in Thailand by 2020. The company’s partners in the region include The Viriyah Insurance, Bangkok Insurance and Muang Thai Insurance.
“The new Internet joint venture brings innovation capabilities to the group that allow us to develop high-quality services and products for the digital economy. The initiative is in line with the strategic direction of the group to improve every day [the] modern lifestyle for Thai people,” said BTS Group Holdings CEO Kavin Kanjanapas.
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Those unfamiliar with Rabbit Internet may recognise the Rabbit card. It is an e-money smart card used for public transportation and is comparable to the assorted variations of plastic transit cards seen across many major global cities.
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