Cemex Ventures

Krit Phanratanamala is a seasoned investment leader at Bualuang Ventures with expertise in corporate venture capital and fintech. Based in Bangkok, he champions innovation-driven growth, supporting startups through strategic investments and partnerships that foster sustainable economic impact across Southeast Asia.

In an exclusive interview, he shared invaluable insights on building strong local foundations before scaling, aligning purpose with performance in impact investing, and structuring early investments for long-term value and IPO readiness in Southeast Asia’s evolving venture capital landscape. 

Can you briefly describe your leadership role as President? What are your key responsibilities and areas of focus?

I lead Cemex’s corporate venture capital and open innovation unit. My primary function is to connect the company’s strategic needs with high-potential, technology-driven solutions from the startup ecosystem. Cemex Ventures team is responsible for identifying and evaluating promising startups, supporting pilot programs in real-world environments, and helping scale the most impactful innovations across our global operations. Our mission is to integrate visionary startups into the construction ecosystem, ensuring their technologies directly address industry challenges and positively impact how Cemex produces and delivers building materials.

I lead efforts to drive innovation through not only external investments and partnerships but also internal programs that foster a culture of continuous improvement within the company. We aim to embed innovation deeply into Cemex’s DNA by enabling collaboration across departments and regions and encouraging initiatives that support our longterm transformation goals.

Our focus lies in four critical areas: decarbonization, enhanced efficiency, digitalization, and the evolution of supply chains. To achieve this, we operate within a collaborative innovation network that encompasses startups, academic institutions, accelerators, venture capital funds, and industrial partners. While our reach is global, we place particular emphasis on markets where Cemex has a strong presence, like North America, Europe, and Latin America.

From your vantage point in corporate venture capital, how do you see the relationship between large corporations and startups evolving globally?

From my perspective, the relationship between corporations and startups has experienced substantial development in recent years. Large corporations are now actively seeking innovations that align with their strategic goals, expecting these initiatives to produce both operational improvements and meaningful returns over time. For instance, at Cemex Ventures, every investment we make must reinforce Cemex’s competitive advantage. At the same time, founders need financial support (especially in the early stages), scalability opportunities, market access, and guidance to help shape their solution in line with industry needs. Corporate venture capital has become a strategic tool that creates real value on both sides, enabling a mutually beneficial relationship.

“We aim to embed innovation deeply into Cemex’s DNA by enabling collaboration across departments and regions and encouraging initiatives that support our long-term transformation goals.”

It’s important to underscore that today; the construction industry faces urgent challenges, from climate change to labor shortages. This situation highlights that innovation is no longer optional; it is the only path forward for building a more resilient future. Along that path, collaboration between startups and corporations will play a decisive role.

As someone deeply involved in venture investment and innovation, how do you spot signals of genuine innovation versus short-term hype?

Throughout the years, I’ve learned that genuine innovation stems from solid ideas and tangible solutions to meaningful challenges rather than from attractive language or fleeting trends. We identify it by looking for three key elements: a clearly defined problem, a team with relevant industry expertise, and a strong ability to execute. In contrast, shortterm hype often lacks depth and real-world applicability.

At Cemex Ventures, we don’t rely on hype; we apply a practical and rigorous evaluation process. We focus on whether a solution can scale and deliver measurable results within a reasonable timeframe. Our goal is to support innovations that create real, lasting value, not just momentary excitement.

For early-stage founders, what do you consider to be the most strategic advantage they can build early—technology, talent, timing, or traction?

All these factors are significantly important, but if I had to prioritize one, it would be timing—specifically, entering the market at the right moment. Even the best technology can fail if it arrives too early or too late. Understanding when an industry is ready to embrace change is crucial.

At the same time, the founding team’s talent makes a significant difference. Teams that have a deep understanding of the problem, demonstrate flexibility, and possess strong implementation skills hold a distinct competitive advantage over others.

What advice would you offer to entrepreneurs seeking to stay relevant and adaptive in ecosystems that are constantly evolving?

In any innovation-driven ecosystem, staying relevant and adaptive is not just an advantage; it’s a necessity. Startups that embrace change are the ones most likely to build solutions that endure.

That said, the construction industry tends to adopt new ideas slowly, even when those ideas are straightforward and beneficial. One of the most valuable pieces of advice I can offer to entrepreneurs in this sector is to craft a compelling and concise narrative around their solution, one that openly communicates the tangible benefits to users, and to build upon that foundation with focus and consistency.

It’s also essential for them to actively leverage and listen to the knowledge around them—whether it comes from industry investors, early customers, or pilot partners, to gain meaningful feedback from those who will use the solution. Their technology will inevitably evolve as they engage with the market. Leaning into that evolution and seeing it as a natural and necessary part of the journey is key to developing a solution that truly fits real-world needs.