Khazanah, Jelawang Capital name first five VC firms under EMP and RMI, eye RM200m deployment
KUALA LUMPUR, June 24 — Khazanah Nasional Bhd (Khazanah) and its subsidiary, Jelawang Capital (Jelawang), today announced the selection of the first five venture capital (VC) firms under the Jelawang Emerging Fund Managers' Programme (EMP) and Regional Fund Managers' Initiative (RMI).
The five VC firms are Vynn Capital, Kairous Capital, First Move, AppWorks and Granite Asia.
Home-grown VC firms Vynn Capital, Kairous Capital, and First Move have been selected under the EMP, while AppWorks and Granite Asia are partners under the RMI.
EMP is a programme 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.
RMI is an initiative aimed at attracting regional and global fund managers who are committed to enriching the local startup ecosystem by supporting the growth of Malaysian startups to be regional and global players, facilitating the re-domiciliation of global companies in Malaysia to expand local job capabilities, and attracting quality talent in the Malaysian ecosystem.
Khazanah managing director Datuk Amirul Feisal Wan Zahir said the selection of the five VC firms reflects its commitment to nurturing local fund managers and VC ecosystem.
'Together, these five managers are expected to deploy over RM200 million. A significant portion of this will be channelled into Malaysia-Nexus companies, supporting around 50 early-stage firms.
'These five represent a blend of local roots and regional reach, and, most importantly, an alignment of values. They will back startups that dare to build, that dare to scale, and that carry Malaysia's ambition into the region and beyond,' he said in his speech when announcing the EMP and RMI here today.
He said that beyond capital, the selected managers, especially under the RMI (AppWorks and Granite Asia), have also committed to capacity-building programmes for Malaysian founders, including mentorships, accelerators, and masterclasses starting in 2025.
Also present at the event was Finance Minister II Datuk Seri Amir Hamzah Azizan.
The five 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.
Overall, the selection of these partners under the EMP and RMI is in line with strategic approaches under the Malaysian Venture Capital Roadmap 2024 – 2030 to transform Malaysia into a preferred regional VC hub by 2030.
The first group of appointees marks a milestone in the broader RM1 billion committed under the MADANI Economy framework to support high-growth entrepreneurs and crowd-in institutional capital in early-stage fundraising.
This month, Kuala Lumpur entered the top 20 emerging startup ecosystems globally, ranking 18th in the Global Startup Ecosystem Report 2025 by Startup Genome.
Today, Malaysia's VC ecosystem remains modest, with just US$429 million (RM1.8 billion) in funding recorded in 2024. — Bernama
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