Two Former Fave Execs Launch ‘First Move’ Fund Backed by 500 Globalby Fintech News Malaysia July 4, 2023 0 comments
Former Fave executives Audra Pakalnyte and Joel Neoh have launched the early-stage First Move fund to invest in consumer-focused startups across Southeast Asia.
Backed by venture capital firm 500 Global, the First Move fund will also be collaborating with the Consumer Tech Angel Syndicate, a close-knit group of experienced founders and executives in the consumer space.
Members of the Angel Syndicate, which includes founders and senior executives from D2C, e- commerce, mobility and fintech scale-ups across Southeast Asia, will have co-invest in First Move deals.
The fund aims to provide pre-seed funding of up to US$100,000 and already has a portfolio of seven companies across Singapore, Malaysia, and Indonesia.
After leaving Fave earlier this year, Joel joined leading healthtech company Prenetics as Managing Director of CircleDNA. He was the first angel investor for Prenetics back in 2014.
Meanwhile, Audra Pakalnyte played a pivotal role in the success of Southeast Asian fintech platform Fave as a founding team member and Head of Strategic Initiatives.
First Move is actively investing and is accepting applications here.
Audra Pakalnyte, Partner of First Move shares,
” As founders ourselves, at First Move, we go beyond capital injection. We believe in providing guidance, mentorship, and access to a vast network of industry connections which is crucial in early stages to get on the right path.
We understand the pain points of founders and aim to leverage our experience to provide invaluable mentoring support during the early days of their journey and set our portfolio startups up for long-term success.”
Joel Neoh, Partner of First Move adds,
“Having embarked on my own entrepreneurial journey, I am humbled by the support I have received from the startup ecosystem.
Now, with First Move, we are committed to paying it forward, supporting founders, being companions on their journey and filling the crucial gap of early stage support in Southeast Asia.”