Tuas Capital, a fintech-focused VC which counts companies like MoneyMatch and Jirnexu among its portfolio announced that it will be collaborating with The Hive to participate in the Malaysian Government’s soon to be announced Dana PENJANA Nasional matching program. The Hive is best known for its investment into Pinterest which led to a successful IPO.
Subsequent to the announcement by the Prime Minister of Malaysia Tan Sri Muhyiddin Yassin on the launch of the Malaysian Short-Term Economic Recovery Plan (Penjana), a Fund of Fund which will be named as Dana PENJANA Nasional will be formed.
This fund will function to mobilise a program that will match, on a 1-to-1 basis, institutional private capital investments with selected venture capitals and early-stage tech fund managers for various stages of the startup funding life cycle. The Hive was named as one of the international groups that will be participating in this government scheme.
The two parties will be setting up a regional fund known as The Hive Southeast Asia which will be based in Malaysia. Dato’ Syed Haizam Jamalullail, Principal of Tuas Capital Partners said in a media statement to Fintech News Malaysia that this partnership will enable them to co-create other innovative solutions through fintech startups.
