Malaysia’s government-backed venture capital firm Malaysia Venture Capital Management Bhd (MAVCAP) has announced the launch of two new venture funds that will invest in technology startups in the country and in Southeast Asia.
The two VC funds – Orbit Malaysia Fund I and Ficus SEA Fund – will focus on verticals such as artificial intelligence, fintech, healthtech, healthtech, greentech, industrialtech, Internet of Things, and edtech, according to the announcement.
The two funds will have a total target size of 160 million ringgit ($38.2 million).
Orbit Malaysia Fund I will be managed by Jakarta-based investment firm Kejora Capital, with Malaysian conglomerate Sunway Group and MAVCAP as anchor investors.
This marks the second collaboration between MAVCAP and Sunway Group, following the Malaysia SuperSeed Fund II in 2019.
DealStreetAsia reported last week that Kejora and Sunway have launched the $25-million Orbit Malaysia Fund 1 to back early-stage startups.
Kejora Capital managing partner Andy Zain earlier said Orbit Malaysia will leverage on vast network and support brought by MAVCAP and Sunway Group to cultivate partnerships and cross-border collaborations.
Ficus SEA Fund, on the other hand, is investing in highly promising local startups in logistics tech and greentech, and is considering other potential areas including Shariah fintech, augmented reality, and ESG solutions.
The fund is a first of its kind in the region with Shariah-compliant investment structuring.
“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 regional growth opportunities,” said MAVCAP CEO Shahril Anas Hasan Aziz.
The two new VC funds are the latest additions to MAVCAP’s 14 venture funds at various investment stages, from seed to Series C, including 500 Durians, Axiata Digital Innovation Fund, Asia Greentech Fund, Meranti Asean Growth Fund.
From these funds, 10 tech unicorns have emerged, including Malaysia’s first, Carsome.
“In addition to increasing the pool of capital available for startups, both local and regional, to scale up their businesses, our new VC funds also provide opportunities to draw upon our broad global network together with the new fund managers, as we strive to cultivate regional and global champions,” Shahril said.