Thailand's Fastest Growing EV 2-Wheeler SLEEK EV Closes an Extension Round with Krungsri Finnovate

BANGKOK, March 6, 2024 /PRNewswire/ -- Marking a significant milestone in the electric vehicle (EV) industry, SLEEK EV, Thailand's fastest-growing EV two-wheeler brand, is thrilled to announce the successful closure of an extension round in their Pre-A Series with Finnoventure Fund, managed Krungsri Finnovate, the venture arm of Krungsri (Bank of Ayudhya PCL), a leader in automotive financing. This heralds a new era of sustainable urban mobility in Southeast Asia, driven by innovation and a shared vision for a greener future.

Founded as a Singapore-Thai startup, SLEEK EV, under the acute leadership of CEO Kantinan Tunveenukoon, has rapidly carved out a niche in the burgeoning EV market with its state-of-the-art electric motorcycles. The brand is synonymous with sustainable innovation, seamlessly blending eco-friendly technology with dynamic design to revolutionize the urban transport landscape.

"This is a landmark moment for SLEEK EV. Our partnership with Krungsri Finnovate is not just an investment; it's a powerful collaboration that will turbocharge our journey towards transforming urban mobility. Their trust and support validate our mission and fuel our commitment to make a tangible impact in the EV sector." Kantinan expressed with enthusiasm.

With a keen eye for disruptive ventures, Krungsri Finnovate has consistently invested in game-changers, including Thailand's unicorn Flash Express. Krungsri Finnovate has established itself as a key player in the Thai ecosystem. The venture capital now taking their expertise regional, expanding their investment reach through the acclaimed Finnoventure Fund. Its vision aligns perfectly with SLEEK EV's ambitious growth plans and innovative approach to electric mobility. This investment is set to propel SLEEK EV's expansion, enabling the brand to scale new heights in technology development and market penetration.

Sam Tanskul, Managing Director of Krungsri Finnovate, commented on the partnership: "Our investment in SLEEK EV represents a strategic move to strengthen the mobility ecosystem while also aligning with our sustainability goals. This investment marks the first EV company in the Finnoventure Fund portfolio. SLEEK EV's impressive traction and commitment to redefining the EV landscape in Southeast Asia resonate with our goals. We're excited to be part of this journey and look forward to a future where electric mobility is the norm."

The collaboration between SLEEK EV and Krungsri Finnovate marks a pivotal step in the evolution of the EV industry. It's a testament to the potential of sustainable technology and innovative business models in creating a cleaner, more efficient future for urban transportation.

About Krungsri Finnovate

Krungsri Finnovate Company Limited is a corporate venture capital (CVC) arm of Krungsri that aims to be a fully strategic investor supporting FinTech as well as other banking-related tech startups in Thailand and other countries in Southeast Asia to grow toward their set goals through three core activities: the Venture Builder and Accelerator Program, strategic partnership, and CVC investment, which are made possible through collaboration with Krungsri's related business units.

SOURCE Sleek EV Pte Ltd