by TMR / pic credit: mavcap.com

MALAYSIA Venture Capital Management Bhd (MAVCAP), inked agreements to invest in technology startups via two new Venture Capital (VC) Funds, namely the Orbit Malaysia Fund I and the Ficus SEA Fund, with a total target fund size of RM160 million collectively. 

The two VC Funds will provide equity funding to startups with strong growth potential in Malaysia and other Southeast Asian markets, focusing on verticals such as Artificial Intelligence, Fintech, Healthtech, Greentech, Industrial Tech, Internet of Things and Edtech, the fund said in a statement today.

“The  new VC Funds will further strengthen MAVCAP’s aspiration to help local startups grow their businesses and excel, with a view towards becoming tech unicorns and tapping into regional growth opportunities,” said MAVCAP’s CEO Shahril Anas Hasan Aziz.

The Orbit Malaysia Fund I will be managed by Jakarta-based Kejora Capital, with Sunway Group and MAVCAP as anchor investors. 

Meanwhile, the Ficus SEA Fund is investing in highly promising local startups in Logistic Tech and Greentech, and is considering other potential areas including Islamic Fintech, Augmented Reality and ESG solutions. The Fund is also unique as the first of its kind in the region with Shariah-compliant investment structuring.

The two new VC Funds are the latest additions to MAVCAP’s 14 VC Funds at various investment stages, from Seed to Series C, such as 500 Durians, Axiata Digital Innovation Fund, Asia Greentech Fund and Meranti Asean Growth Fund.

From these billion-ringgit-sized assets under management, 10 tech unicorns have emerged, including Malaysia’s very first, Carsome, a technology-disruptive trading platform for the regional automotive industry while other startups coming from the Funds are also transforming the normal brick-and-mortar business landscape.

“Backed by MAVCAP’s farsighted leadership and continuous funding model against the backdrop of Malaysia’s vibrant startup ecosystem and committed stakeholders, prospects are encouraging for Malaysian startups with huge potential to evolve into future Southeast Asian tech unicorns in the next few years, and MAVCAP’s two new VC Funds aim to accelerate the development of the ecosystem,” he added.