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ocal venture capital firm Kejora Ventures has announced its expansion into Thailand, its third market after its overseas debut in the Philippines and Singapore, as it aims to create regional camaraderie for startups.

Kejora founding partner Sebastian Togelang said the effort would also pave the way to expanding the reach of local startups under the firm’s wing to a wider network in the region, notably the largest investor network in Southeast Asia.

Thailand, Southeast Asia’s largest economy after Indonesia, is seen to be at an ideal position to harness the opportunity to shift the socioeconomic aspect toward the digital industry.

Kejora’s entry into the Thai market is also part of its goal to establish regional leadership in the wide startup industry.

In addition, the Thai government is relatively supportive of startup growth in its territory, pledging half of venture funding worth 20 billion baht (US$577.53 million) last year for tech-based startups.

“There will be many instances of industry consolidation that will happen in 2017. That’s why this is the right time for all notable corporations and industry players in ASEAN to join together to create a regional leader in the tech sector,” Sebastian said. “With a strong business network and enormous economic opportunities, we want to make this happen.”

Interesting facts about the Thai industry, he added, included the advancement of startups, particularly in the agricultural technology field, described as “one of the most advanced sectors in the country.”

Kejora primarily has its eyes on a specific Thai fintech firm with strong potential.

“Regarding the expansion, we are always open to further partnerships with venture capital firms in Thailand as well,” Sebastian said.

In February, Kejora, along with US-based K2 Ventures, funneled seed investment totaling $1.5 million to Thai fintech startup MoneyTable.

Currently, the Indonesian venture capital firm has 29 startups in its portfolio.

Its Venture Fund I round has reportedly resulted in a 200 percent internal rate of return. Its notable investments include fintech firms Investree and C88Fintech Group.

Last month, Kejora announced its first closing of a second fund round amounting to $80 million for investments in six companies in Southeast Asia.

The fund round was focused on granting pre-Series A and Series A investments of between $2 million and $5 million.

Kejora’s regional expansion echoes other regional venture capital firms that are trying to capture Southeast Asia’s burgeoning tech startup market.

Earlier this year, Singapore-based venture capital firm East Ventures announced a $27.5 million investment fund for tech startups in the region.

The venture capital firm has contributed to funding several successful Indonesian startups, such as Tokopedia, Traveloka, Kudo and Shopback.