Picture this: a dynamic trio, beaming with excitement. From left to right, we have Ms. Palida Artispong, the Acting Managing Director of Krungsri Finnovate Company Limited; Mr. Khanisorn Meepong, Co-founder & CEO of the trailblazing 24X; and Mr. Joel Ang, the distinguished Investment Principal at Wavemaker Ventures. These powerhouses of innovation and finance have come together to propel 24X, a forward-thinking startup based in Thailand that’s revolutionizing the way we maintain and enhance our living spaces.
24X is making waves across the landscape of maintenance and living services, marking a pivotal milestone by successfully securing Series B funding from Wavemaker Ventures—Wavemaker Partners’ early-stage fund—along with substantial backing from Krungsri Finnovate. This cash infusion is set to catapult 24X further along its path to becoming the go-to comprehensive service provider for both B2B and B2C markets, with specializations that range from maintenance and installation to innovative renovation solutions. Here’s what 24X has crafted to cater to their diverse clientele:
- 24 FIX: A consumer-focused powerhouse of home maintenance solutions, elegantly wrapped into one all-encompassing platform.
- 24 House Solution: Offering tailor-made living space transformations managed by expert interior designers and adept project managers.
- 24 FIX for Business: Maintenance management crafted specifically with the needs of enterprises in mind.
- 24 Projects: A bespoke collection of renovation and construction solutions designed to meet business-specific requirements.
- VERTE: A beacon of the future, specializing in green energy solutions, including cutting-edge solar energy systems and EV charging installations.
Mr. Khanisorn Meepong, the visionary CEO, reflects on the company’s metamorphic journey over the past six years: “By steadfastly adapting to market demands—especially within the business sector—we’ve unfurled a range of comprehensive solutions, from holistic living transformations to groundbreaking green energy initiatives like solar power and EV charger installations.” This forward march led 24X to a staggering THB 480 million in net revenue last year, showing a 2.5x leap from the year before, with over half of that figure originating from their B2B endeavors.
This impressive trajectory piqued the interest of illustrious investors such as Wavemaker Ventures and Krungsri Finnovate. “Having their robust support illustrates our aspiring capacity to reshape industry standards and cultivate enduring value for stakeholders,” Mr. Khanisorn affirmed, with a palpable sense of pride and ambition.
Enter VERTE, the gleaming green emissary of 24X, driving sustainability with unparalleled vigor. In partnership with global giants like JA Solar and TRINA, 24X has impressively hooked over 80 solar energy systems and brought to life more than 20 megawatts of power through savvy Engineering Procurement and Construction (EPC) and Power Purchase Agreement (PPA) models. Additionally, they’ve adeptly installed upwards of 2,000 EV charging stations, supporting burgeoning EV brands like BYD, NETA, Changan, and Aion, alongside numerous ensembles across Thailand’s gas stations.
Investor enthusiasm was palpable, with Mr. Joel Ang of Wavemaker Ventures touting, “The current methods in maintenance, installations, and renovations leave much to be desired, particularly within Thailand and the wider Southeast Asian realm. 24X stands as a torchbearer—setting a new gold standard by emphasizing accountability, cemented SLAs, and fostering a reliable cadre of skilled fixers. This tactical approach sees a trinity of quality service provision, bolstered accountability, and a promise for long-term value creation.”
Echoing this sentiment was Ms. Palida Artispong from Krungsri Finnovate. She expressed her belief that, “The sectors of construction, maintenance, and alternative energy are on a trajectory toward remarkable expansion. 24X’s prowess in adequately meeting these rising demands unmistakably highlights its monumental potential.”
On the horizon, 24X envisions expanding its maintenance suites further, heralding services like Preventive Maintenance (PM) and Corrective Maintenance (CM) onto its roster. Anchoring this expansion are its bespoke digital platforms—Eagle Platform for maintenance task management, Cheetah Platform for centralized project management, and the Wolf App for streamlined workforce operations management. These cutting-edge tools forge a cohesive ecosystem designed to optimize business operations while ensuring impeccable service standards.
“Our adeptness in managing over 100,000 maintenance tasks solidifies us as a trustworthy partner for businesses. With us handling the ancillary processes, it allows them the freedom to focus on their core operations,” Mr. Khanisorn said, his words a testament to 24X’s commitment to innovation and excellence.
It’s refreshing to see a company like 24X leading the charge in green energy in Thailand. They seem to be setting an example for other countries in Southeast Asia.
Yeah, but I hope they’re not just doing it for the publicity. Real commitment to sustainability requires more than just flashy solar panels.
That’s true, Steve! The proof will be in their long-term impact and continued investment in these technologies.
It sounds like they’re serious about it, with all those EV charging stations and partnerships with big solar companies.
I’m concerned about how much of this funding actually benefits local communities. Will they be hiring local workers or bringing in outside labor?
Good point, Larry. It’s always critical for such initiatives to support and uplift local communities rather than exploiting them.
The digital platforms like Eagle and Cheetah sound impressive for maintenance management. Could this be a model for other emerging markets?
If it works well in Thailand, there’s no reason it couldn’t be applied elsewhere. Digital platforms are the future.
Other markets have unique challenges, so adaptations would be necessary. But it’s a strong foundation to build on.
The name VERTE sounds cool, but what’s the real difference compared to other green initiatives?
From what I can tell, VERTE integrates a lot of other sustainable technologies and doesn’t just focus on solar.
It’s great that 24X is going after such a broad market. What if they spread themselves too thin though?
That’s always a risk, but with solid backing and focused leadership, they might just pull it off. Diversification isn’t always a bad thing.
The revenue growth numbers are impressive, but I wonder if it’s sustainable. Can they maintain this pace?
That’s the real test, right? Many startups shine brightly and then fizzle out. Their continued success will depend on how they scale.
As long as they keep innovating and adapting to market needs, they have a fighting chance.
I like the idea of Preventive and Corrective Maintenance being more widespread. It could save businesses a lot of money in the long run.
Exactly! Waiting for things to break is never a good strategy in any industry. Proactive management just makes sense.
Do they have any plans for expanding outside of Thailand? I think they could find success in neighboring countries.
Larry, they do have the potential. I think their next step might be Malaysia or Indonesia where demand for such services is rising.
Can we trust another startup with such massive promises? I’ve seen too many crash and burn after initial funding.
I’m curious about their use of technology to manage over 100,000 tasks. That’s a lot of data to handle effectively.
Investment from big names like Wavemaker and Krungsri definitely implies they’ve done their homework. I’m optimistic.
Sometimes these investors are just looking for quick returns, though. Only time will tell if their involvement leads to real growth.
It sounds like a great project. Hoping it encourages other companies to follow suit with green initiatives.
All this sounds wonderful but how affordable will these services actually be for the average consumer?
That’s a valid concern. Innovations are only helpful if they’re accessible to broader segments of the population.