Emissary Capital bags $25m from Malaysia’s state-run Penjana Kapital

The KL Tower is seen, with a background of the cityscape in Kuala Lumpur, Malaysia.

Malaysian boutique investment firm Emissary Capital has bagged $25 million from state-run firm Penjana Kapital for its growth fund, per an announcement. 

The growth fund, called Emissary Capital Growth Fund 1 (ECGF I), is seeking to raise $50 million in total. It was launched last month by Emissary Capital and New Wave, a subsidiary of Philippines-based IP E-Game Ventures. 

New Wave has committed to invest up to $7.5 million in the growth fund as a limited partner (LP) and will co-manage the fund with Emissary.

ECGF I will invest in technology companies in Southeast Asia in sectors including agritech, fintech, healthcare, and other key digital verticals. It also seeks to identify and back cross-border investment and expansion opportunities between Malaysia and the Philippines.

Penjana Kapital was established in July this year by the Malaysian government to bring funding from international and local investors into the local venture capital space. It had in September invited requests for proposals (RFPs) from VCs as part of the Dana Penjana Nasional (DPN) programme.

On Monday, Malaysia’s Finance Minister Tengku Zafrul Abdul Aziz announced that the DPN programme had exceeded its initial target of 1.2 billion ringgit ($290 million)—half of this was to come from the government—and now plans to invest 1.57 billion ringgit ($387.2 million) into local startups.

The government selected eight foreign VCs to partner with local VCs for the DPN programme, Zafrul said in a Facebook post. These VCs will focus on seed, Series A/B and growth-stage investments as well as venture debt. 

Penjana Kapital is also tasked with assessing the progress and impact of the various funds under Prihatin Rakyat Economic Stimulus Package (PRIHATIN) and the National Economic Recovery Plan (PENJANA).

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.