Khazanah, unit pick first five venture capital firms
PETALING JAYA: Khazanah Nasional Bhd and its subsidiary, Jelawang Capital, have selected their first five venture capital (VC) firms under the Emerging Fund Managers' Programme (EMP) and Regional Fund Managers' Initiative (RFI) to nurture local VC fund managers and cultivate a more vibrant VC capital ecosystem.
The firms selected under the EMP are Vynn Capital, Kairous Capital and First Move, while two firms chosen under the RFI were AppWorks and Granite Asia.
The EMP programme is structured to support Malaysian fund managers in raising their first, second or third fund with the goal of creating regionally competitive VC fund managers by strengthening fund governance, building track record and crowding in capital, said a joint statement by the sovereign wealth fund and Jelawang Capital.
The RFI initiative aims to attract regional and global fund managers who are committed to enriching the local startup ecosystem, through supporting the growth of Malaysian startups to be regional and global players, including facilitating the re-domiciliation of global companies in Malaysia to expand local job capabilities and attract quality talent in the Malaysian ecosystem.
'Through Dana Impak and Jelawang Capital, we act as both catalyst and connector – bringing together funders, founders, and institutions to strengthen a venture ecosystem that supports firms from nimble startups to medium enterprises and established corporates.
'Our focus is not just on capital, but on crowding in participants to build an ecosystem where innovation can thrive –enhancing Malaysia's economic competitiveness and resilience,' Khazanah's managing director Datuk Amirul Feisal Wan Zahir said in a statement yesterday.
The VC firms were selected through a rigorous evaluation process focused on the funds' investment thesis, strength of core team, governance and alignment with strategic national development priorities.
Jelawang Capital chairman Datuk Hisham Hamdan added: 'We began with a systems-driven approach to ecosystem building and, via the EMP and RFI, we are excited to support the next generation of Malaysian fund managers and deepen the pool of quality founders.
'In that respect, we are proud to work with this group of high calibre fund managers, while further crowding-in capital, talent, expertise and capabilities into this ecosystem. In shoring up this ecosystem, we look forward to working with like-minded partners and investors.'
Jelawang Capital is a company under Dana Impak and will act as Malaysia's national fund-of-funds to strengthen the VC ecosystem with its allocation of RM1bil.
Dana Impak plays a catalytic role in Khazanah's investment strategy, and works to catalyse the VC ecosystem, levelling up mid-tier companies and strengthening the country's position in semiconductor and advanced manufacturing.
Khazanah and Jelawang Capital stated that Vynn Capital is a VC firm with a focus on the mobility and supply chain sectors across seed to Series A investment stages with a focus on the South-East Asia region.
Kairous Capital's roots are in technology and has positioned itself as a cross-border specialist, supporting Malaysian startups in scaling into key South-East Asian markets, including Vietnam, Thailand, and Indonesia. It can also facilitate regional growth for high-potential companies and the transfer of innovation and know-how from technologically advanced countries like China.
First Move, meanwhile, is a founder-led VC firm backing pre-seed stage startups across South-East Asia.
AppWorks is an early-stage VC from Taiwan that fuses an equity-free accelerator with founder-first capital to scale Greater South-East Asia's tech startups – and has a top-quartile distribution to paid-in capital track record. Its investment mandate is in artificial intelligence, blockchain and digital economy in South-East Asia.
Granite Asia is a leading multi-stage investor focused on transformative opportunities across Asia, with a track record of building over 115 unicorns and achieving 61 initial public offerings globally. Its early-stage fund will back transformative startups across Asia in sectors like consumer tech, enterprise software, healthcare, advanced manufacturing and automation.
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