Jelawang Capital, a wholly owned subsidiary of Khazanah Nasional, has selected five venture capital firms under its Emerging Fund Managers’ Programme (EMP) and Regional Fund Managers’ Initiative (RMI) to deepen Malaysia’s venture capital ecosystem.
The announcement was made at an event attended by Finance Minister II, Senator Datuk Seri Amir Hamzah Azizan.
It follows the launch of EMP and RMI in October 2024 under the Ekonomi MADANI framework, which includes a RM1 billion allocation to support early-stage fundraising and high-growth entrepreneurs.
Three Malaysian VC Firms Selected Under EMP
Three firms were appointed under EMP, which supports Malaysian fund managers raising their first, second, or third funds.
The programme is designed to strengthen governance, build track records, and attract additional capital.
The selected firms are Vynn Capital, which focuses on mobility and supply chain investments in Southeast Asia; Kairous Capital, which backs cross-border technology ventures in markets like Vietnam, Thailand, and Indonesia; and First Move, a founder-led firm partnering with pre-seed and early-stage startups, with plans to launch an AI co-building platform in the third quarter of 2025.
First Move, co-founded by Joel Neoh and Audra Pakalnyte, recently named Jelawang Capital as anchor investor in its latest fund.
The firm, which targets AI-native startups, reported its 2023 vintage fund ranks in the top 1% globally by Carta, with a portfolio that includes Decube, Welling.ai, Ourteam.ai, Shieldbase.ai, and 3cat.
Two Global VCs Join to Support Malaysian Startups
Under the RMI, two regional firms were selected. Taiwan-based AppWorks will introduce Malaysia-focused accelerator cohorts for Web 2.0 and Web 3.0 startups, with a focus on AI, blockchain, and the digital economy.
Granite Asia, a multi-stage investor with a global portfolio of over 115 unicorns and 61 IPOs, will provide Malaysian startups access to its network, curated programs, and strategic support to scale regionally and globally.
The five VC firms were selected through a rigorous process that assessed their investment strategies, team capabilities, governance, and alignment with national development priorities.
The initiative supports the goals of the Malaysian Venture Capital Roadmap 2024–2030, which aims to position Malaysia as a regional VC hub by the end of the decade.
Khazanah Managing Director Dato’ Amirul Feisal Wan Zahir said,
“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 start-ups to mid-sized 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.”
Jelawang Capital Chairman Datuk Hisham Hamdan added,
“We began with a systems-driven approach to ecosystem building and, via the EMP and RMI, 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.”
Featured image: Edited by Fintech News Malaysia, based on image by EyeEm via Freepik
