Latest news with #GraniteAsia
Business Times
18 hours ago
- Business
- Business Times
Malaysia's Khazanah picks Singapore, Taiwan VC firms to help fire up next wave of startups
[KUALA LUMPUR] Malaysia's sovereign wealth fund Khazanah Nasional has selected Singapore-based Granite Asia and Taiwan's AppWorks as the first of five venture capital (VC) firms under two strategic programmes to transform Malaysia into a regional venture capital hub. The announcement, made on Tuesday (Jun 24) by Khazanah and its wholly owned subsidiary Jelawang Capital, marks the first rollout of its Emerging Fund Managers' Programme (EMP) and the Regional Fund Managers' Initiative (RMI), which were launched last October. The five selected fund managers under EMP and RMI are expected to deploy over RM200 million (S$60.5 million), a significant portion of which will be channelled into Malaysia-Nexus companies, supporting around 50 early-stage firms, said Khazanah managing director Amirul Feisal Wan Zahir. 'Our hope is that these five managers will nurture the next wave of Malaysian startups, and that over time, these startups and those who fund them will become mentors, backers and anchors for the next generation,' he said at a media briefing in Kuala Lumpur. He added that the initiatives are part of Khazanah's broader goal to act as both 'catalyst and connector' through its Dana Impak impact-investment platform and Jelawang Capital. Khazanah, Malaysia's sovereign wealth fund, managed US$36 billion in assets as at the end of 2024. Last October, it launched Jelawang Capital, a national fund-of-funds, designed to accelerate the growth of Malaysia's venture-capital sector through investments and partnerships with fund managers. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Granite Asia and AppWorks As RMI partners, Granite Asia and AppWorks will seek to draw foreign fund managers to Malaysia's startups, with the aim of building regional and global entities. It is hoped that this will encourage global companies to re-domicile in Malaysia, create jobs and attract top talents to its ecosystem. Granite Asia, formerly known as GGV Capital Asia, is a leading multi-stage investor focused on transformative opportunities across Asia; it has a track record of building over 115 unicorns and was behind 61 initial public offerings globally. The firm will back transformative startups in Malaysia through its early-stage fund, focusing on sectors such as consumer tech, enterprise software, healthcare and advanced manufacturing. In partnership with Khazanah and Jelawang Capital, Granite Asia will also offer local entrepreneurs access to its founder network and strategic programmes to help Malaysian startups to scale beyond the local market into the region and globally. AppWorks, a Taiwan-based early-stage VC, stands out for combining equity-free accelerator programmes with founder-centric capital deployment. It plans to roll out Malaysia-focused Web 2.0 and Web 3.0 startup cohorts, backed by local experts and its regional founder network. AppWorks' investment mandate includes artificial intelligence, blockchain and digital-economy startups across South-east Asia, with a track record of top-quartile returns. Local VC firms take centre stage Out of the first five VC firms, three Malaysian firms – Vynn Capital, Kairous Capital and First Move – were selected under the EMP. EMP 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 records and crowding-in capital. Kuala Lumpur-based Vynn Capital focuses on mobility and supply-chain startups from seed to Series A funding exercises across South-east Asia. Kairous Capital, which specialises in cross-border expansion, homes in on Malaysian tech startups looking to penetrate high-growth markets in Vietnam, Thailand and Indonesia. The firm also channels know-how from China to Malaysian ventures. First Move, is a founder-led firm backing pre-seed startups, often acting as the first institutional investor. It focuses on co-building startups with experienced operators and second-time founders. Building a regional VC powerhouse Malaysia's Second Finance Minister Amir Hamzah Azizan, who also attended Tuesday's event to launch EMP and RMI, said one of the most important lessons from global innovation hubs is that thriving ecosystems do not come about by chance; they are intentionally cultivated. 'In Malaysia, we are laying the foundations for such an ecosystem, driven not just by capital, but by conviction. 'And we are beginning to see results. This month, Kuala Lumpur entered the Top 20 Emerging Startup Ecosystems globally – a first for Malaysia, and a testament to the power of coordinated ambition.' Jelawang Capital chairman Hisham Hamdan expects that, with the collaboration of this group of high-calibre fund managers, the country will be able to attract more capital, talent, expertise and capabilities into Malaysia's ecosystem. The EMP and RMI initiatives form a key pillar of the Malaysian Venture Capital Roadmap 2024-2030, which aims to make the country a preferred regional hub by the end of the decade. The programmes also support the Malaysian government's goal of unlocking RM1 billion in investments to fund high-growth entrepreneurs and attract institutional capital to early-stage companies.
Business Times
a day ago
- Business
- Business Times
Malaysia's Khazanah picks Singapore, Taiwan VCs to help fire up next wave of startups
[KUALA LUMPUR] Malaysia's sovereign wealth fund Khazanah Nasional has selected Singapore-based Granite Asia and Taiwan's AppWorks as the first of five venture capital (VC) firms under two strategic programmes to transform Malaysia into a regional venture capital hub. The announcement, made on Tuesday (Jun 24) by Khazanah and its wholly owned subsidiary Jelawang Capital, marks the first rollout of its Emerging Fund Managers' Programme (EMP) and the Regional Fund Managers' Initiative (RMI), which were launched last October. The five selected fund managers under EMP and RMI are expected to deploy over RM200 million (S$60.5 million), a significant portion of which will be channelled into Malaysia-Nexus companies, supporting around 50 early-stage firms, said Khazanah managing director Amirul Feisal Wan Zahir. 'Our hope is that these five managers will nurture the next wave of Malaysian startups, and that over time, these startups and those who fund them will become mentors, backers and anchors for the next generation,' he said at a media briefing in Kuala Lumpur. He added that the initiatives are part of Khazanah's broader goal to act as both 'catalyst and connector' through its Dana Impak impact-investment platform and Jelawang Capital. Khazanah, Malaysia's sovereign wealth fund, managed US$36 billion in assets as at the end of 2024. Last October, it launched Jelawang Capital, a national fund-of-funds, designed to accelerate the growth of Malaysia's venture-capital sector through investments and partnerships with fund managers. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Granite Asia and AppWorks As RMI partners, Granite Asia and AppWorks will seek to draw foreign fund managers to Malaysia's startups, with the aim of building regional and global entities. It is hoped that this will encourage global companies to re-domicile in Malaysia, create jobs and attract top talents to its ecosystem. Granite Asia, formerly known as GGV Capital Asia, is a leading multi-stage investor focused on transformative opportunities across Asia; it has a track record of building over 115 unicorns and was behind 61 initial public offerings globally. The firm will back transformative startups in Malaysia through its early-stage fund, focusing on sectors such as consumer tech, enterprise software, healthcare and advanced manufacturing. In partnership with Khazanah and Jelawang Capital, Granite Asia will also offer local entrepreneurs access to its founder network and strategic programmes to help Malaysian startups to scale beyond the local market into the region and globally. AppWorks, a Taiwan-based early-stage VC, stands out for combining equity-free accelerator programmes with founder-centric capital deployment. It plans to roll out Malaysia-focused Web 2.0 and Web 3.0 startup cohorts, backed by local experts and its regional founder network. AppWorks' investment mandate includes artificial intelligence, blockchain and digital-economy startups across South-east Asia, with a track record of top-quartile returns. Local VCs take centre stage Out of the first five VCs, three Malaysian firms – Vynn Capital, Kairous Capital and First Move – were selected under the EMP. EMP 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 records and crowding-in capital. Kuala Lumpur-based Vynn Capital focuses on mobility and supply-chain startups from seed to Series A funding exercises across South-east Asia. Kairous Capital, which specialises in cross-border expansion, homes in on Malaysian tech startups looking to penetrate high-growth markets in Vietnam, Thailand and Indonesia. The firm also channels know-how from China to Malaysian ventures. First Move, is a founder-led firm backing pre-seed startups, often acting as the first institutional investor. It focuses on co-building startups with experienced operators and second-time founders. Building a regional VC powerhouse Malaysia's Second Finance Minister Amir Hamzah Azizan, who also attended Tuesday's event to launch EMP and RMI, said one of the most important lessons from global innovation hubs is that thriving ecosystems do not come about by chance; they are intentionally cultivated. 'In Malaysia, we are laying the foundations for such an ecosystem, driven not just by capital, but by conviction. 'And we are beginning to see results. This month, Kuala Lumpur entered the Top 20 Emerging Startup Ecosystems globally – a first for Malaysia, and a testament to the power of coordinated ambition.' Jelawang Capital chairman Hisham Hamdan expects that, with the collaboration of this group of high calibre fund managers, the country will be able to attract more capital, talent, expertise and capabilities into Malaysia's ecosystem. The EMP and RMI initiatives form a key pillar of the Malaysian Venture Capital Roadmap 2024-2030, which aims to make the country a preferred regional hub by the end of the decade. The programmes also support the Malaysian government's goal of unlocking RM1 billion in investments to fund high-growth entrepreneurs and attract institutional capital to early-stage companies.
Business Times
a day ago
- Business
- Business Times
Malaysia's Khazanah names Granite Asia, AppWorks among first VC partners to boost startup ecosystem
[KUALA LUMPUR] Malaysia's sovereign wealth fund Khazanah Nasional has named Singapore-based Granite Asia and Taiwan's AppWorks among the first five venture capital (VC) firms selected under two strategic programmes aimed at transforming Malaysia into a regional venture capital hub. The announcement, made on Tuesday (Jun 24) by Khazanah and its wholly-owned subsidiary Jelawang Capital, marks the first rollout of its Emerging Fund Managers' Programme (EMP) and the Regional Fund Managers' Initiative (RMI), which were launched in October last year. The five selected fund managers under EMP and RMI are expected to deploy over RM200 million, a significant portion of which will be channeled into Malaysia-Nexus companies, supporting around 50 early-stage firms, said Khazanah managing director Amirul Feisal Wan Zahir. 'Our hope is that these five managers will help nurture the next wave of Malaysian startups, and that over time, those startups and founders will become mentors, backers and anchors for the next generation,' he said during the media briefing in Kuala Lumpur. He added that the initiatives are part of Khazanah's broader goal to act as both 'catalyst and connector' through its Dana Impak impact investment platform and Jelawang Capital. Khazanah, Malaysia's sovereign wealth fund, managed US$36 billion in assets as at the end of 2024. In October last year, Khazanah launched Jelawang Capital, a national fund-of-funds, designed to accelerate the growth of Malaysia's venture capital sector through investments and partnerships with fund managers. A NEWSLETTER FOR YOU Friday, 8.30 am Asean Business Business insights centering on South-east Asia's fast-growing economies. Sign Up Sign Up Granite Asia and AppWorks Granite Asia and AppWorks were chosen as RMI partners. The RMI seeks to draw in regional and global fund managers who will contribute to the local startup ecosystem by fostering the growth of Malaysian startups into regional and global entities, encouraging global companies to re-domicile in Malaysia to boost local job opportunities, and drawing top talent into the Malaysian ecosystem. Granite Asia, formerly known as GGV Capital 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. The firm will back transformative startups in Malaysia through its early-stage fund, focusing on sectors such as consumer tech, enterprise software, healthcare, and advanced manufacturing. In partnership with Khazanah and Jelawang Capital, Granite Asia will also offer local entrepreneurs access to its founder network and strategic programmes to help Malaysian startups to scale beyond the local market into the region and globally. Meanwhile, AppWorks, a Taiwan-based early-stage VC, stands out for combining equity-free accelerator programmes with founder-centric capital deployment. It plans to roll out Malaysia-focused Web 2.0 and Web 3.0 startup cohorts, backed by local experts and its regional founder network. AppWorks' investment mandate includes artificial intelligence, blockchain, and digital economy startups across Southeast Asia, with a track record of top-quartile returns. Local VCs take centre stage Out of the first five VCs, three Malaysian firms – Vynn Capital, Kairous Capital and First Move – were selected under the EMP. EMP 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. Kuala Lumpur-based Vynn Capital focused on mobility and supply chain startups from seed to Series A across Southeast Asia. Kairous Capital, which specialises in cross-border expansion, aims at helping Malaysian tech startups penetrate high-growth markets in Vietnam, Thailand, and Indonesia. The firm also channels know-how from China to Malaysian ventures. First Move, is a founder-led firm backing pre-seed startups, often acting as the first institutional investor. It focuses on co-building startups with experienced operators and second-time founders. Building a regional VC powerhouse Malaysia's Second Finance Minister Amir Hamzah Azizan, who also attended the event, said one of the most important lessons from global innovation hubs is that thriving ecosystems don't happen by chance, they are intentionally cultivated. 'In Malaysia, we are laying the foundations for such an ecosystem, driven not just by capital, but by conviction. And we are beginning to see the results. This month, Kuala Lumpur entered the Top 20 Emerging Startup Ecosystems globally – a first for Malaysia, and a testament to the power of coordinated ambition,' he added. Jelawang Capital chairman Hisham Hamdan expects with the collaboration of this group of high calibre fund managers, the country will be able to attract more capital, talent, expertise, and capabilities into Malaysia's ecosystem. The EMP and RMI initiatives form a key pillar of the Malaysian Venture Capital Roadmap 2024–2030, which aims to make the country a preferred regional hub by the end of the decade. The programmes also support the Malaysian government's goal of unlocking RM1 billion in investments to fund high-growth entrepreneurs and attract institutional capital to early-stage companies.
Mint
14-05-2025
- Business
- Mint
VFlowTech raises $20.5 mn to expand battery solution operations in India
New Delhi: VFlowTech, a Singapore-based energy storage solution provider, has raised $20.5 million in a funding round led by Granite Asia to accelerate its expansion into India's renewable energy sector, focusing on long-duration energy storage and artificial intelligence (AI)-driven energy management. The round saw participation from Antares Ventures, EDBI, MOL PLUS, PSA Ventures, and existing investors including İnci Holding, UntroD Capital, Pappas Capital, Wavemaker Partners, SEEDS Capital, and Entrepreneurs First, the company said in a statement on Wednesday. The funding will be used to upgrade VFlowTech's 100 MWh manufacturing plant in India to a gigafactory and ramp up deployment of its Vanadium Redox Flow Batteries (VRFB) across the country. The company also plans to expand its workforce in engineering, research, and operations to support the rollout of locally manufactured battery energy storage systems (BESS) tailored to India's grid conditions, according to the statement. 'With our AI energy platform, we intend to build digital brains to India's energy backbone, while scaling our local manufacturing capabilities and creating high-quality jobs in the country,' said Avishek Kumar, co-founder and chief executive officer of VFlowTech. With several grid-scale and microgrid deployments already in place, VFlowTech is currently in advanced discussions with renewable energy developers and industrial customers in India to deploy up to 1 GWh of VRFB systems in the next few years. Anand Anupam, chief commercial officer of VFlowTech said, 'We're building long-term partnerships in India to demonstrate how clean, smart storage can power entire cities, industries, and states.' Founded in 2018, VFlowTech specializes in vanadium redox flow battery (VRFB) systems and hybrid batteries designed for long-duration energy storage.
Time of India
14-05-2025
- Business
- Time of India
VFlowTech raises $20.5 million to set up battery Gigafactory, expand India operations
New Delhi: VFlowTech has raised $20.5 million (approximately ₹170 crore) in funding to scale up its long-duration energy storage operations in India and expand the deployment of its Vanadium Redox Flow Batteries (VRFB). The Singapore-based energy storage firm plans to upgrade its 100 MWh battery manufacturing facility in India into a Gigafactory and build out AI-driven energy management systems. The funding round was led by Granite Asia, with participation from Antares Ventures, EDBI, MOL PLUS, PSA Ventures, and returning investors including İnci Holding, UntroD Capital, Pappas Capital, Wavemaker Partners, SEEDS Capital, and Entrepreneurs First. The capital raise signals growing investor interest in vanadium redox flow battery (VRFB) technology to support grid stability and enable long-duration renewable energy integration. VFlowTech said the technology is suited for India's rapidly evolving energy market, with applications across utility-scale installations, microgrids, and commercial and industrial (C&I) energy systems. 'India is at a tipping point in its clean energy journey. With this funding, we are not just bringing advanced energy storage technologies to market — we are shaping the future of sustainable energy infrastructure in the region," said Dr. Avishek Kumar, Co-Founder and CEO of VFlowTech. 'With our AI energy platform, we intend to build digital brains to India's energy backbone, while scaling our local manufacturing capabilities and creating high-quality jobs in the country,' he added. The company said it will use the funds to expand hiring in engineering, research, and operations functions in India. It also plans to invest in vanadium recycling and develop innovation in electrolyte manufacturing to build supply chain resilience within the country. 'India represents one of the most exciting opportunities for energy transition. With its ambitious renewable energy targets and increasing need for grid stability, coupled with the policy momentum, our long-duration storage and AI-integrated systems are a perfect fit for enabling a reliable, 24/7 clean power future,' said Anand Anupam, Chief Commercial Officer of VFlowTech. The firm said it is in advanced discussions with renewable energy developers and industrial customers to deploy up to 1 GWh of VRFB systems in India over the next few years. It already has grid-scale and microgrid installations operational in the country. 'This investment marks a turning point not just for VFlowTech, but for how India can adopt sustainable energy storage at scale,' Anupam added. 'We're building long-term partnerships in India to demonstrate how clean, smart storage can power entire cities, industries, and states.' According to the Ministry of New and Renewable Energy (MNRE), India's total installed renewable energy capacity stood at 220.10 GW as of FY 2024-25, reflecting an increase of 29.52 GW over the previous year. The country aims to reach 500 GW of non-fossil fuel-based capacity by 2030 under its Panchamrit commitments, which the ministry has stated will require large-scale deployment of long-duration energy storage technologies alongside additional renewable capacity.
