Jakarta-based investment firm Kejora Capital and Malaysian conglomerate Sunway Group have launched a $25-million Orbit Malaysia fund to back early-stage startups in the country and across Southeast Asia.
In a joint statement on Wednesday, Kejora and Sunway said the new Series A fund will be anchored by the government-backed Malaysia Venture Capital Management Berhad (MAVCAP) to invest in companies operating in fintech, agritech, e-commerce, edtech, and healthtech sectors.
Led by Raymond Hor, Orbit Malaysia will help early-stage Malaysian and Southeast Asian companies expand regionally. Hor, an entrepreneur and a GP, has invested in 30 startups as an angel investor, accelerator, and VC over the last decade, according to Kejora’s website.
“Malaysia is home to a fast-growing and vibrant startup ecosystem, and there is great potential for Malaysian companies to become Southeast Asia’s next unicorn,” Hor said in the statement.
Kejora Capital managing partner Andy Zain said Orbit Malaysia will leverage on vast network and support brought by MAVCAP and Sunway Group to cultivate partnerships and cross-border collaborations.
Kejora Capital was founded in 2014 with a focus on early to growth-stage tech investments. Its portfolio includes fintech unicorn Kredivo, Investree, and Sicepat Ekspres Indonesia.
The venture capital has over $600 million in assets under management to date with 38 portfolio firms, including four unicorn exits.
DealStreetAsia, citing multiple sources, reported in July that Kejora was in the market to raise $300 million for a new fund that will focus on follow-up investments for its portfolio companies.
Sunway Group, which is into real estate, construction and healthcare, has, through its various funds and accelerator programmes, invested in early-stage startups such as Jomrun, Red Dino, Ento, CozyHomes, Quadby, Wise AI to growth-stage startups like regional eCommerce enabler Intrepid and The Lorry.
In addition, Sunway’s venture building portfolio includes companies like Sunway XFarms, 42KL
coding school, Sunway R&D, PopBox, and Sunway Pharmacy.