The corporate investor that backs its own customers
Andy Cheng leads investment at GrandTech Cloud Services, a listed cloud company in Taiwan. It invests in the startups that buy from it. He explains why, and what founders should understand about fit before they ask a company for money.


01Customers first, then shareholders
GrandTech resells cloud services from AWS and Google Cloud, and it serves startups more than large enterprises. Its investment arm works from the company's own balance sheet. It invests directly in customers, and in a few venture funds that bring new connections.
The aim is a closer relationship. Sometimes the company knows it is paying a little more than a pure investor would. It accepts that, because the startup is a customer or will become one. It usually follows a lead investor and does not lead rounds itself.
“We are okay for that because they are our customer.”
02Fit matters more than the famous comparison
His advice to founders is to stop comparing themselves to US giants. Taiwan has 23 million people. Culture, buying habits and income are different. Calling yourself the Uber or the Stripe of a small market does not convince him. Know who you compete with in the market you are really in.
With a corporate investor, think like you are making a proposal. What does the company get from working with you, beyond the shares? Most failed partnerships, in his experience, are about people who wanted different things.
03Why companies come to Japan
He sees Japan as a market for profit more than for fast revenue. Japanese customers are loyal to their suppliers, so margins hold up. It takes real effort to enter. The reward is a relationship that lasts.
- A startup becomes a cloud customer
- The team sees how it really operates
- It invests alongside a lead investor
- Cloud, capital and connections come as one
What to take with you
- Some companies invest to build a closer customer relationship.
- Ask what the corporate investor gains beyond shares.
- Compare yourself to real rivals in your own market.
- Japan rewards patience with loyal customers.
This feature is an editorial summary of a public conversation hosted by Erdinc Ekinci. Quotes come from the recording and are lightly trimmed. Figures are the speaker's own. Nothing here is investment advice.
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