Kuala Lumpur-based venture capital firm Gobi Partners on Monday announced that it has partnered with Malaysia Venture Capital Management Berhad (MAVCAP) and the Sunway Group to launch a new microfund targeting early-stage startups in Malaysia.
DEALSTREETASIA had first reported Gobi Partners’ plans to launch a $10-million fund to support early-stage startups in Malaysia.
Called Malaysia SuperSeed Fund II, the new fund will target 25-30 investments in seed to pre-Series A startups with an average ticket size of around $250,000.
With this microfund, Gobi will be looking at sectors such as AI, Big Data, cloud services, e-commerce, fintech, IoT, marketplaces, the circular economy as well as TaqwaTech.
“MAVCAP is excited to be partnering again with Gobi Partners and with the energetic new boys on the block, Sunway Group. We are optimistic about the Malaysian startup scene and are looking forward to partner with innovative companies with groundbreaking technologies starting out from Malaysia. Entrepreneurs should be given the push up to go regional and global and MAVCAP is happy to play this role,” said MAVCAP acting chief executive Shahril Anas.
Last October, Gobi Partners launched two $10-million microfunds for the Philippines and Indonesia. Earlier this year, it also launched a $20-million fund with Fatima Ventures to invest in early-stage tech opportunities in Pakistan.
Established in 1974, Sunway Group is one of Malaysia’s leading diversified conglomerates with 12 key business divisions including real estate, construction, malls, education, and healthcare.