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Forward raises funding from Zipmex Group

May 17, 2022

Forward, a Thai fintech project operating in the field of blockchain and investment, has raised additional fundraising investment from Zipmex Labs (a Zipmex Group business unit), a part of a series of investments aimed at promoting and supporting blockchain projects and entrepreneurs looking to transform the crypto ecosystem through innovative business ideas.

Chanon Charatsuttikul, Co-Founder and Chief Executive of Forward Holdings, said

“Everyday, the derivatives digital asset market is gaining momentum in driving the global economy. The pre-series A funding round will help develop financial products technology as well as allow the company to invest in another essential aspect — Forward’s community building. This investment extends our global network of alliances and connects the Centralized and Decentralized worlds to take a step closer to being a leading Thai tech company.”

Marcus Lim, CEO and Co-Founder of Zipmex Group, said

“This investment reinforces our industry leadership. We’re continuously aiding growth in the digital asset industry to help realize our innovative potential for Zipmex. That’s why we’re delighted to be part of laying a solid foundation and helping to speed up developments in decentralized finance, with the best benefits for our users being the ultimate end goal.”

Previously, Forward, now valued at 1.6 billion baht, or $50 million, has raised more than 160 million baht in seed rounds, or $5 million in pre-Series A funding from giant investment firm GBV Capital (Genesis Block Ventures), Varys Capital, a global venture capital firm focused on blockchain technology and digital assets, as well as Thai Venture Capital companies such as Primestreet Capital and Ratanakorn Asset Co., Ltd, Thailand’s largest real estate company.

Forward was founded by two blockchain technology developers, Chanon Jaratsuttikul (Beam), Co-Founder and CEO of Forward Holdings, a former program developer and project manager of digital asset exchange platform Satangpro, and Dr. Udomsak Rakwongwan (Em), Co-Founder and Financial Strategy Advisor. Dr. Em is a Mathematics professor and researcher, specializing in derivatives pricing and hedging, assets and liabilities management using mathematical models when choosing for investment portfolios.