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Friday, March 29, 2024

First Metaverse Unicorn in Thailand

Power-All, a subsidiary of Foxconn-backed mass produced Metaverse “MiGroup” (Multiverse Expert) becomes Thailand forth unicorn with earn-out Acquisition

Despite the impacts of Covid-19 outbreak that have affected several industries in Thailand, in the year 2021 the country still manages to see up to three startup companies becoming ‘unicorns’, a term dedicated to startups valued at more than $1 billion. These companies are Flash Group, Ascend Money and the newcomer Bitkub. (https://www.nationthailand.com/business/40008389)

Power-All Networks Ltd., a subsidiary of Foxconn (listed under its parent company Hon Hai as no. 22 in the Fortune 500 ranking of the largest companies in the world in terms of sales), acquired 10% of MiGroup (Multiverse Expert) as of 10th July 2022 with USD 120 million of cash earn-out potential structured to directly align with Power-All Networks’…

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