Tuas Capital Partners will be working with The Hive to launch The Hive Southeast Asia while personalised-travel platform Tourplus has started food delivery services.
Tuas Capital partners The Hive
Venture capital and private equity investment company Tuas Capital Partners will be partnering with The Hive, US-based venture capital fund and co-creation studio for startups, to launch The Hive Southeast Asia.
The Hive Southeast Asia, which will operate out of Malaysia, will participate in the Penjana Nasional Fund matching programme.
Penjana Nasional Fund, a national stimulation fund programme, will match, on a one-to-one basis, institutional private capital investments with selected venture capitals and early-stage tech fund managers for various stages of the startup funding life cycle, national news agency Bernama reported.
“The Hive South-East Asia will be domiciled in Malaysia and invest in the co-creation space dedicated to provide startup launchpads and utilising The Hive’s tried and tested venture studio model. It will benefit from The Hive’s expertise and deep ecosystem relationships in the Silicon Valley,” The Hive reportedly said.
The Hive South-East Asia will create a conduit for innovation and greater value generation between the US and Malaysia. The Hive’s presence and sister groups in Brazil and India will drive global collaboration with Malaysia in digital growth.
The Malaysian Government announced earlier it is planning to set up the Penjana Nasional Fund worth about 1.2 billion ringgit ($281.3 million) to support digitalisation of local businesses.
The government will allocate 600 million ringgit while the other 600 million ringgit will be matched by domestic and international investors.
The move forms part of the so-called Short-Term Economic Recovery Plan announced by the Prime Minister Muhyiddin Yassin.
“The fund will be used to promote innovation and expand domestic venture capital. International investors that have expressed interest include SK Group, Hanwha Asset Management, KB Investment Co. Ltd, Provident Growth, 500 Startups and The Hive,” he earlier said.
Tourplus offers food delivery services
Malaysia’s personalised travel platform Tourplus has recently launched its food delivery services, GetFoodPlus.com, as the travel business is badly-hit by the COVID-19 pandemic.
Tourplus said the COVID-19 outbreak and the Movement Control Order enforced by the government has affected a lot of workers in the travel industry, including the freelance tour guides.
“To help these guides, we initiated GetFoodPlus.com to extend our business to delivery. Each order from GetFoodPlus will help to bring job opportunities to guides, allowing them to get income by delivering your order safely and professionally,” the startup said in a Facebook post last Wednesday.
Currently, GetFoodPlus.com’s services are available in Kuala Lumpur and Klang Valley area.
Founded in 2014, Tourplus is an online marketplace that connects travellers with local tour guides. Its products include unique day tours, airport transfers, customised tours, and ticketing.