Family offices—private wealth management entities catering to ultra-high-net-worth individuals (UHNWIs) and families—have become increasingly active in the startup and venture capital (VC) space.

Traditionally focused on wealth preservation and legacy planning, many family offices now seek higher returns and diversification by investing in early-stage companies and VC funds.

This shift is particularly evident in Southeast Asia, where rapid economic growth, digital transformation, and a thriving startup ecosystem present compelling investment opportunities. Family offices in the region often have deep-rooted business expertise, strong industry networks, and a long-term investment horizon, making them well-positioned to support entrepreneurs beyond just capital.

Unlike institutional VC firms, family offices tend to have more flexible investment mandates, allowing them to take a patient approach to funding, participate in direct investments, co-invest with VC firms, or back emerging fund managers. Their ability to move quickly and commit significant capital also makes them attractive partners for startups seeking strategic investors who bring more than just financial backing.

Southeast Asia’s startup landscape—particularly in fintech, e-commerce, healthtech, and sustainability—has drawn interest from family offices looking to invest in high-growth sectors. Many are also keen on impact investing, supporting businesses that align with their values in areas such as ESG (Environmental, Social, and Governance), climate tech, and financial inclusion.

As family offices play a more prominent role in the region’s venture ecosystem, their influence is shaping how startups are funded, scaled, and governed.

Also Read: From SoftBank to UOB: A guide to Southeast Asia’s corporate VC leaders

In this listicle, we highlight some of the most active family offices in Southeast Asia investing in startups, offering insights into their investment strategies and notable portfolio companies.

Verlinvest

Verlinvest is an international, family-backed evergreen consumer investment company. It focuses on growth-stage companies in FMCG, healthcare, and digital retail, who are restless to accelerate growth.

Headquarters: Belgium, Singapore, the United States, the United Kingdom, and India
Founding year: 1995
Overall portfolio count: 66
Notable portfolio firms: The Hosteller, Blue Tokai Coffee Roasters, Creme Castle, K1Speed, Cible Skin, Numa, Go Zero, Wakefit, BYJU’S, Lahori Zeera, Clone, KatKin, Eka Care, Pattern Brands, Revea, Kuku FM, and Pedego Electric Bike.

Octava

Octava is an investment holding company that invests in real estate, prioritising sustainable growth and strategic partnerships.

Headquarters: Singapore
Founding year: 2016
Overall portfolio count: 19
Notable portfolio firms: iAsk AI, BondbloX, Pilon, Prestige Biologics, TEAM, Fwen.io, PIF Nation, Animoca Brands, Tier One Entertainment, ACKTEC Technologies, RDC, Team Flash, BoxGreen, Rely, and TRENDSOCIO.

LionRock Capital

LionRock Capital is a private equity firm with an investment focus on the global consumer lifestyle sector, providing strategic, financial, and corporate governance support for growth-stage companies.

Headquarters: Singapore
Founding year: 2009
Overall portfolio count: 29
Notable portfolio firms: Hopscotch, Flickstree, AgniKul, HungerBox, Capillary Technologies, Canopy, Jualo, HipVan, Avagmah, RedMart, Bigbasket, and Milaap

Triputra Group

Triputra Group is an Indonesian holding company with extensive expertise in various industries, including agribusiness, manufacturing, energy, trading, and services. It is backed by 17 subsidiary holding companies and 60,000 employees.

Headquarters: Indonesia
Founding year: 1998
Overall portfolio count: 12
Notable portfolio firms: Praktis, Coldspace, Gokomodo, Aria, FishLog, Kedai Sayur, Warung Pintar, Wagely, eFishery, and Waresix.

Silverstrand Capital

Silverstrand is an impact investor focusing on biodiversity. Through impact investments and philanthropic capital, it aims to catalyse systems change for the restoration and conservation of nature and to transform existing extractive, ecologically destructive practices into regenerative ones.

Also Read: Meet the new Biodiversity Accelerator+ startups set to champion conservation and sustainability

Headquarters: Singapore
Founding year: 2018
Overall portfolio count: 18
Notable portfolio firms: Good Carbon, Planboo, Porifera, Natrx, Koltiva, Sea6 Energy, and Agros.

Junson Capital

Junson Capital is a prominent global investment management company.

Headquarters: Singapore and the US
Founding year: 2010
Overall portfolio count: 8
Notable portfolio firms: Full-Life Technologies|Home, Allotex, Corsair Phama, Worg, BridGene Biosciences, WiBotic, and MultiVu.

Kunlun Capital

A single-family office focused on multiple sectors.

Headquarters: Singapore
Founding year: 2008
Overall portfolio count: 9
Notable portfolio firms: MiQro Era, TCab Tech, Prothentic, Full-Life Technologies|Home, Shanshan, NUTSHELL, Beijing Shihui Technology, Inmagene

Blauwpark Partners

A ‘single-family office for multiple families’, with a focus on private equity, venture capital and other alternatives.

Headquarters: Singapore
Founding year: 2019
Overall portfolio count: 3
Notable portfolio firms: Gimo, Wagely, and TONIK.

Baksh Capital

A family office focused on global investments in public and private markets.

Headquarters: Singapore
Founding year: 2019
Overall portfolio count: 9
Notable portfolio firms: Growfitter, reitio, InvestaX, Fraxtor, and Float Foods.

Treis

A family-led investment group, Treïs offers investors asset management and advisory services, as well as direct investment opportunities.

Headquarters: Singapore
Founding year: 2019
Overall portfolio count: 6
Notable portfolio firms: GetGo, Sarbacane, RubberGreen, GlamCorner, and Agrinos.

Black Kite Capital

Black Kite Capital is a single-family investment office that invests across all asset classes with a particular focus on early-stage (angel, pre-seed, and seed) direct venture investments.

Headquarters: Singapore
Founding year: 2019
Overall portfolio count: 5
Notable portfolio firms: Mushroom Material, Pi-xcels, Shikho, and Bounty Media.

M&L Healthcare Investments

M&L Healthcare Investments is a wholly-owned subsidiary of the Singapore-based Kum family.

Headquarters: Singapore
Founding year: 2019
Overall portfolio count: 11
Notable portfolio firms: FastWave Medical, Corflow, HEPTA Medical, Pedra, and TISSIUM

Malacca Ventures

A family office for VC/growth-stage technology investments in Southeast Asia and India.

Headquarters: Singapore
Founding year: 2019
Overall portfolio count: 4
Notable portfolio firms: Finverv, Binocs, CUSMAT, and Early Steps Academy.

Brama One Ventures

Brama One Ventures is a family office investing across a variety of industries from Seed Stage and beyond.

Also Read: Rise of the machines: 20 robotics startups shaping Southeast Asia’s future

Headquarters: Indonesia
Founding year: 2019
Overall portfolio count: 10
Notable portfolio firms: ALVA, Borong, and Gotrade.

Amaya Ventures

A single-family office and private equity firm focused on multiple sectors

Headquarters: Singapore
Founding year: 2021
Overall portfolio count: 21
Notable portfolio firms: LXME, Everest Fleet, Bira 91, and HONO.

AJ Capital

A multi-strategy asset manager and provider of financial and investment management services

Headquarters: Singapore
Founding year: 2012
Overall portfolio count: 3
Notable portfolio firms: Jugyah, Graas, and NirogStreet.

Nuri Group

Nuri Group invests in early-stage companies within the banking, financial services, and fintech industries, focusing on the central region of Singapore.

Headquarters: Indonesia
Founding year:
Overall portfolio count: 1
Notable portfolio firms: TONIK.

Hatton Capital

Hatton Capital is a family office (SFO) focusing primarily on direct investments throughout the Asia Pacific region preferring companies in the consumer and food space.

Headquarters: Hong Kong and Thailand
Founding year: 2006
Overall portfolio count: 1
Notable portfolio firms: Vordel.

Phoenix Holdings

Phoenix Holdings is a family investment office. It applies “Built-to-Last” thinking, based on its observations that the most successful VC-PE investments are in companies built on the quality of endurance.

Headquarters: Vietnam
Founding year: 2017
Overall portfolio count: 2
Notable portfolio firms: Advance and Interloan.

Dart Family Office

Dart Family Office is a private company limited by shares. It provides management consultancy services.

Headquarters: Singapore
Founding year: 2019
Overall portfolio count: 1
Notable portfolio firms: Zero-Error Systems

Aglaia Family Office

It provides comprehensive and bespoke family office services to ultra high net-worth families, trusts foundations and investors around the world.

Headquarters: Singapore
Founding year: 2006
Overall portfolio count: 2
Notable portfolio firms: Silent Eight and Proof & Company

Sebrina Hodings

A diversified, multi-asset investment holdings company.

Headquarters: Singapore
Founding year: 1995
Overall portfolio count: 2
Notable portfolio firms: Paktor and WearYouWant.

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Green finance has become a cornerstone of global economic strategy, aligning the need for environmental sustainability with the pursuit of financial growth. In 2025, the field will be defined by its maturity and momentum, driven by regulatory frameworks, investor priorities, and innovative technologies. As a venture builder with over two decades of experience, I’ve witnessed the evolution of this sector from a niche interest to a vital instrument for addressing climate change and fostering sustainable development.

This article explores green finance in 2025, highlighting the key trends, opportunities, challenges, and pathways for sustainable economic growth and focusing on successful case studies from Asia.

Understanding green finance: A 2025 perspective

At its core, green finance refers to investments and financial instruments that deliver measurable environmental benefits while supporting economic development. This includes funding renewable energy projects, climate resilience initiatives, sustainable agriculture, and more.

Over the past decade, green finance has shifted from being a moral imperative to a financial opportunity, aligning long-term profitability with ESG (Environmental, Social, and Governance) considerations.

In 2025, green finance is no longer an optional strategy. It has become a global imperative, supported by advances in regulatory clarity, investor demand, and technological capabilities.

Key trends shaping sustainable finance in 2025

• ESG investing goes mainstream

ESG investing has transitioned from an emerging trend to a dominant force in global markets. Institutional investors are actively integrating ESG criteria into their decision-making processes, and trillions of dollars in assets are now dedicated to sustainability-focused funds.

• Green bond expansion

The issuance of green bonds has reached unprecedented levels. Governments, municipalities, and corporations across the globe are leveraging these instruments to fund clean energy projects, infrastructure upgrades, and climate mitigation strategies.

• Carbon markets and pricing mechanisms

Asia, in particular, has witnessed significant growth in carbon markets. China’s nationwide Emissions Trading Scheme (ETS), launched in 2021, is now a mature and pivotal component of the region’s climate policy framework, setting the stage for greater transparency and efficiency.

• Localised green investments

Localised initiatives, such as community-based renewable energy projects and urban greening in Asian cities like Singapore and Tokyo, are gaining traction, supported by partnerships between public agencies and private investors.

Also Read: How regulation is about to make green finance the new normal

Investment opportunities in renewable energy

Renewable energy remains a cornerstone of green finance. In Asia, the region’s growing energy demand presents an unparalleled opportunity for investments in solar, wind, and hydro projects.

• Solar dominance: India and Vietnam are leading solar energy investments. India’s National Solar Mission has attracted billions of dollars in foreign investment, while Vietnam’s favourable regulatory environment has made it a hub for solar energy development.
• Offshore wind expansion: Countries like Taiwan and Japan are scaling up offshore wind projects, with Taiwan emerging as a leader due to its supportive policies and natural wind resources.
• Energy storage: Advances in battery technology are making energy storage a viable addition to renewable projects, ensuring reliability and grid stability.

The role of technology in advancing green finance

Technology is a key enabler of green finance, providing tools to enhance transparency, efficiency, and impact measurement.

• Blockchain for carbon markets: Blockchain is ensuring transparency in carbon credit trading, as seen in projects like Singapore’s Climate Impact X platform.
• AI for risk analysis: Artificial Intelligence is helping investors assess the long-term environmental and financial risks of their investments.
• Digital platforms for inclusion: Green fintech platforms, such as Indonesia’s Crowde, are democratising access to sustainable investments, enabling smaller players to participate in the green revolution.

Government policies and their impact on sustainable growth

Government policies remain a critical driver of green finance. In Asia, proactive regulations and incentives have created a fertile ground for sustainable growth:

• China’s carbon neutrality commitments: China’s ambitious target of achieving carbon neutrality by 2060 has catalysed a surge in green investments, particularly in renewable energy, electric vehicles, and energy-efficient technologies.
• Japan’s green growth strategy: Japan’s commitment to reaching net-zero emissions by 2050 is backed by comprehensive policies, including subsidies for hydrogen energy projects and stricter emissions standards for corporations.
• ASEAN green frameworks: The ASEAN region is developing unified frameworks to promote green finance, encouraging member states to harmonise policies and attract foreign investment.

Case studies: Successful green finance initiatives in Asia

Singapore’s green bond framework

Singapore launched its inaugural sovereign green bond in 2022, raising US$1.9 billion for sustainable projects. By 2025, this framework has funded significant urban sustainability initiatives, including energy-efficient infrastructure and mass transit systems.

China’s renewable energy investments

China’s wind and solar capacity have grown exponentially, supported by green loans and government subsidies. Projects like the Tengger Desert Solar Park, one of the world’s largest, illustrate the nation’s commitment to clean energy leadership.

Micro-finance for climate resilience in Bangladesh

Bangladesh has pioneered micro-finance initiatives to fund climate-resilient agriculture and infrastructure projects. Organisations like Grameen Bank have demonstrated how small-scale investments can have a large-scale impact on vulnerable communities.

Also Read: Banking on a green future of finance: How to bridge sustainability and profitability

Challenges facing green finance in 2025

• Greenwashing: Instances of companies overstating their sustainability credentials undermine investor confidence. Stricter regulatory oversight and independent ESG audits are essential to address this issue.
• Capital accessibility: Emerging markets, particularly in South and Southeast Asia, often struggle to attract sufficient green finance due to perceived risks. Blended finance models, combining public and private funding, can help bridge this gap.
• Policy fragmentation: Inconsistent regulations across countries complicate cross-border investments. Aligning standards, particularly within regions like ASEAN, remains a critical challenge.

How corporations are adopting sustainable practices

Asian corporations are increasingly embedding sustainability into their strategies. From decarbonising supply chains to adopting circular economy principles, businesses are recognising the financial and reputational benefits of sustainable practices. Leaders like Toyota have embraced hydrogen fuel technologies, while companies like Alibaba are investing in green logistics.

The future of ESG investing: What to expect

The future of ESG investing will be defined by increased standardisation, enhanced technology integration, and a broader focus on social equity. Investors can expect:

• Global ESG standards: Improved consistency in reporting metrics, enabling better comparisons across regions.
• AI-powered insights: Real-time ESG analytics driven by artificial intelligence.
• Greater social impact: A shift toward addressing inequality and inclusion alongside environmental goals.

Building a sustainable financial ecosystem for tomorrow

Green finance in 2025 offers a transformative opportunity to align capital with global sustainability goals. To build a sustainable financial ecosystem, stakeholders must prioritise collaboration, innovation, and inclusivity.

• Policy support: Governments should provide clear, consistent policies to encourage investment in green projects.
• Private sector leadership: Corporations must lead by example, embedding sustainability into their core strategies.
• Community engagement: Inclusive financing models that address local needs will ensure broad-based benefits.

The financial ecosystem of tomorrow depends on today’s collective commitment to sustainability. By leveraging green finance effectively, we can create a future where economic growth goes hand-in-hand with environmental preservation.

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Key points:

• President Donald Trump announces new tariffs on Canada, Mexico, and China.
• US Dollar Index surges 1.3 per cent, as inflation concerns rise with tariffs acting as indirect taxes.
• Gold peaks at US$2,817.18/oz before settling lower, while WTI crude jumps 1.6 per cent on tariff speculation.
• Bitcoin tumbles over five per cent in a day, with major cryptocurrencies collectively losing US$1 billion in futures liquidations.
• Canada and Mexico retaliate with counter-tariffs, while China prepares to challenge the US at the WTO.

3 February 2025 started with turbulence in the global markets; President Donald Trump’s announcement of new tariffs on Canada, Mexico, and China has sent ripples of concern through markets worldwide. As these measures take effect on Tuesday, February 4th, the economic landscape braces for impact, with Canada and Mexico swiftly responding with counter-tariffs and China preparing to challenge the move at the World Trade Organisation (WTO). This scenario is not just a test of economic resilience; it’s a litmus test for the global community’s ability to navigate through politically charged economic policies.

The immediate aftermath of Trump’s tariff declarations was a clear retreat in global risk sentiment. The MSCI US index saw a 0.5 per cent drop, with the energy sector suffering the most, plummeting by 2.7 per cent. This sector’s sensitivity to trade policies stems from the direct impact tariffs have on oil and gas imports from Canada and Mexico.

Meanwhile, the US Treasury market showed a mixed response; the 10-year yield rose slightly by 2.2 basis points before retracting in Asian sessions, while the 2-year yield fluctuated, reflecting the market’s divided views on the short-term economic implications of these tariffs.

The US Dollar Index surged by 0.5 per cent to close at 108.37 on Friday, with an additional 1.3 per cent increase in early Asian trading. This spike can be attributed to the anticipation of inflationary pressures that could compel the Federal Reserve to maintain, if not increase, interest rates. Inflation fears are not unfounded; tariffs essentially act as taxes on imports, potentially increasing prices for goods both at home and abroad.

Gold, traditionally seen as a safe haven, briefly touched a record high of US$2,817.18 per ounce but settled at US$2,798.41, still reflecting investor anxiety amidst this economic uncertainty. Conversely, oil prices reacted positively late in the trading session after Trump hinted at forthcoming tariffs on crude imports, pushing WTI up by 1.6 per cent to US$73.70 per barrel.

Also Read: Gold rises and tech falls: A tale of two markets

In Asia, the economic narrative was not much brighter. China’s manufacturing PMI, a key indicator of industrial activity, continued its downward trend for the second month, highlighting the vulnerability of the world’s second-largest economy to external trade pressures. This, coupled with the looming tariffs, has cast a shadow over Asian equity markets, which opened lower in response.

The cryptocurrency market, often seen as a barometer for speculative risk, has not been spared from this wave of economic caution. Bitcoin, the flagship cryptocurrency, took a significant hit, dropping over five per cent in a single day and shedding eight per cent over the week to hover around US$96,879.

This decline was echoed across other major cryptocurrencies like Ethereum, XRP, and Solana, with the market witnessing US$1 billion in futures liquidations within 24 hours. The fear here is not just the immediate impact of tariffs but also the broader economic uncertainty they herald, potentially affecting consumer spending and, by extension, investment in high-risk assets like cryptocurrencies.

From my perspective, these developments underscore a critical moment for global trade dynamics. The imposition of these tariffs, while aimed at addressing issues like the flow of fentanyl and illegal immigration, might inadvertently lead to a broader economic confrontation. The retaliatory measures by Canada and Mexico, combined with China’s legal challenge at the WTO, could morph this into a full-blown trade war, the likes of which we’ve seen in recent years but with potentially more severe implications.

The immediate advice for investors would be to adopt a cautious stance, focusing on diversification and perhaps moving towards more stable, less tariff-sensitive assets. However, this situation also presents an opportunity for strategic investments in sectors that might benefit from domestic manufacturing incentives or those that are less exposed to international trade frictions.

Ultimately, the global economy is at a crossroads where political decisions are increasingly dictating economic outcomes. The true cost of these tariffs might not just be in the immediate market reactions but in the long-term damage to international trade relations and global economic stability. As we navigate these stormy seas, the call for dialogue and cooperation between nations has never been more urgent, lest we all sink into the depths of protectionism and economic isolation.

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As I sit at the intersection of technology and leadership, the glaring gender gap in executive roles across industries comes as no surprise. Yet, LinkedIn’s latest workforce report serves as a stark reminder of the persistent inequality that permeates boardrooms worldwide.

Even in sectors where women form the majority of the workforce, such as Education and Wellness, leadership roles remain male-dominated. Industries like Construction and Manufacturing exhibit an even wider gender gap in leadership positions.

That is why, in my current role as the Co-Chair of the Digital Trust Chapter at SGTech and CIO at Thoughtworks, I uphold diversity and inclusion as core principles that define our organisational ethos and contribute to our success. I am dedicated to nurturing an environment where every individual feels valued, respected, and empowered to share their unique perspectives. Our company’s stance on D&I is resolute: We strive to cultivate a workplace that celebrates diversity, advocates for equity, and fosters inclusivity across all levels.

To realise these objectives, we have instituted a variety of initiatives designed to promote DEI within Thoughtworks.

Our primary objectives include integrating DEI guidelines into our operations and championing equality in our talent strategy. From recruiting to growth and retention, our commitment manifests through defining measurable DEI metrics to track and assess our performance throughout the talent journey and setting up a governance structure called the DEI Council.

We also aim to achieve and maintain a 40 per cent representation of women and underrepresented gender minorities in leadership roles, ensuring that our leadership reflects the diversity of our workforce. We also prioritise crafting employee engagement surveys to accurately reflect our team members’ sentiments and concerns, as well as setting DEI goals with functions and leadership to ensure alignment with departmental objectives.

Additionally, we establish and support Employee Resource Groups such as the LGBTQIA+ community and Disability Inclusion Group to foster a sense of belonging and advocacy among diverse identities within our workforce.

Also Read: Invest in women, accelerate progress: Why gender equality matters now more than ever

Among our many initiatives, several standout examples include the Women in Leadership Development Program, which serves as a community-building and support structure for women and underrepresented gender minorities, significantly contributing to mental well-being and retention.

Personally, as a workshop facilitator, mentor, and sponsor for this program, I’ve witnessed its profound impact firsthand. We prioritise leadership promotion transparency to cultivate a culture of openness within our organisation, holding leaders accountable for their actions and decisions.

Setting relevant DEI goals with functions and leadership is crucial for fostering an inclusive culture where considerations of diversity, equity, and inclusion are integral to leadership roles. It emphasises that success goes beyond financial objectives, encompassing broader societal values.

Our commitment to diversity extends beyond gender to initiatives like Disability Inclusion and E-Accessibility Training, impacting not only our internal community but also our clients and partners, fostering holistic values and driving engagement and community involvement.

The positive impact of these initiatives on our organisation has been profound. We have seen increased employee engagement, improved morale, and greater innovation as a result of our commitment to DEI. Real-life examples abound of employees who have felt empowered to bring their authentic selves to work and contribute to our collective success.

Looking ahead, our plans to maintain and grow this initiative are multifaceted. We will continue to invest in DEI training and education, ensuring that all employees have access to resources that promote understanding and empathy.

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This article was first published on April 3, 2024

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In recent weeks, I have observed an ongoing debate about Malaysia’s startup ecosystem, particularly among tech venture capitalists (VCs). The common feedback includes concerns over a lack of high-quality deals, weak technological intellectual property (IP), a small consumer market, and an underdeveloped growth ecosystem. These factors have led many VCs and investors to focus on larger markets such as Thailand, Indonesia, the Philippines, and Vietnam.

As someone who started my first startup in Malaysia in 2004, I have had the privilege of witnessing the evolution of Malaysia’s business ecosystem over the past two decades. Ironically, while some may argue that Malaysia has not changed much, its entrepreneurial resilience and strengths have remained constant.

In this article, I aim to present an evergreen perspective on Malaysia’s business ecosystem and why it deserves a closer look.

Malaysia’s macro advantage: Cost-effective outsourcing and talent

Malaysia’s unique advantages lie in its diversity. With a multicultural population proficient in multiple languages, including English, Malaysia serves as an excellent partner for regional and international businesses. I have noticed an increasing willingness among younger Malaysians to engage in English in the past five years, whether in hospitality or business, making communication seamless for foreign investors and partners.

Malaysia also complements Singapore, as evidenced by the Johor-Singapore Economic Zone initiative recently endorsed by the two countries’ leaders. Malaysia benefits from Singapore’s economic spillover due to its larger workforce and natural resources. For example, a co-working space operator in Kuala Lumpur shared with me that many tenants are Singaporean companies expanding their operations into Malaysia. 

Heightened geopolitical tensions have further amplified Malaysia’s appeal. As businesses diversify their manufacturing operations beyond China, Malaysia is becoming a preferred destination for business process outsourcing and manufacturing activities. These trends are likely to drive growth in the coming years.

Embedded multi-generational family businesses: A hidden strength

Small and medium enterprises (SMEs) form nearly 97 per cent of Malaysia’s 1.1 million corporations and contributed 39.1 per cent to GDP in 2023. This signifies an abundance of entrepreneurial activity in the country.

At TRIVE, we’ve delved into the ecosystem over the past two years and discovered a wealth of successful, cash-generating family legacy businesses led by first- and second-generation entrepreneurs. These families have spent decades building their industries and expanding their footprints across the nation.

Also Read: Navigating the AI maze in Malaysia’s martech: Striking a balance between efficiency and ethics

On average, these family-run businesses generate revenues ranging from RM30 million (US$6.7m) to RM200 million (US$44.4m), often with robust margins and significant cash flow. Many of them operate in traditional sectors tied to Malaysia’s core commodities, such as palm oil, rubber, timber, and agricultural products. Others are capitalising on the business processing outsourcing boom, leveraging Malaysia’s cost-effectiveness and skilled workforce.

Despite their proven track records, these traditional businesses are often overlooked by VCs. The perception is that they lack scalability and, consequently, the potential for high returns. Ironically, some of these same companies have gone public on Bursa Malaysia, achieving significant growth and recognition.

Bursa Malaysia: A thriving stock exchange

The resilience of Malaysia’s entrepreneurial ecosystem is perhaps best reflected in the performance of Bursa Malaysia. In 2024, the stock exchange recorded 55 IPOs, raising RM7.42 billion (US$1.65b) in proceeds—its best performance in 19 years. By comparison, Singapore’s stock exchange had only four IPOs during the same period.

An IPO advisor I spoke with explained that nine government and quasi-government funds actively support the local stock market, driving liquidity and enthusiasm among participants. This support, combined with strong retail investor participation, has bolstered the IPO market.

Among the notable IPOs in 2024 was 99 Speed Mart, a household name in Malaysia with thousands of retail outlets nationwide. The company debuted with a market capitalisation of RM13.86 billion (US$3.17 billion), underscoring the potential of Malaysia’s consumer-driven businesses to attract investor interest.

Growing M&A interest in legacy businesses

In addition to IPO activity, there is growing interest in mergers and acquisitions (M&A) involving established Malaysian legacy businesses, particularly from international investors in China, Singapore, and North Asia. This trend is driven by geopolitical factors, as companies seek to diversify their supply chains and manufacturing bases into Southeast Asia.

Another factor contributing to M&A activity is the perceived reduction in political risk under the two-year-old Anwar Ibrahim-led government. The administration’s relative stability has increased investor confidence in Malaysia.

Although the M&A deals are not yet at large-ticket sizes, transactions in the range of US$5 million to US$20 million are becoming more common, as shared by a friend in the M&A space. This demonstrates a steady appetite for established, profitable businesses in traditional industries.

Navigating Malaysia’s investment landscape

Investing in Malaysia requires a different approach than in other markets. While many fund managers rely on transactional methods—evaluating pitches, conducting analyses, and seeking investment committee approvals—this method alone often fails to capture the nuances of Malaysia’s business culture.

Also Read: Clean energy in Malaysia: Opportunity amidst uncertainty

Malaysia operates on relationships, not transactions. Building trust takes time, often months, and investors must be prepared to engage deeply with local entrepreneurs. At TRIVE, our approach involves engaging with the next generation of family business leaders before meeting the patriarch. Understanding family dynamics is crucial to unlocking investment opportunities. And these takes a few months to years, something which international VCs are unwilling to spend time on.

It’s also important to note that the best deals in Malaysia are rarely found at conferences or public forums. Instead, they emerge through trusted networks of next-generation business owners. Malaysians place immense value on personal introductions and relationships, and being introduced through a mutual connection can open doors that would otherwise remain closed.

Investors must also operate locally. This means having a well-networked Malaysian team and consistently demonstrating a helpful, value-driven approach rather than focusing solely on financial returns. Establishing a reputation for reliability and partnership is key to accessing Malaysia’s best investment opportunities.

A market worth revisiting

Malaysia’s startup ecosystem may not have the scale or technological edge of some of its neighbours, but its strengths lie in its resilience, diversity, and deeply rooted entrepreneurial culture. From its multilingual talent pool and cost-effective outsourcing opportunities to its thriving family businesses and vibrant stock exchange, Malaysia offers unique opportunities for investors willing to adapt their approach.

As the world continues to navigate geopolitical shifts and supply chain diversification, Malaysia is well-positioned to benefit from these trends. For those who take the time to understand its market dynamics, Malaysia remains a steadfast and rewarding place for entrepreneurial success.

Reach out to me if you are keen to invest into TRIVE’s Private Equity fund that focuses on Malaysian family businesses.

—

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This is a question the entire Storya founding team grappled as we look back on our journey at the startup. Raising from VCs is not guaranteed. Most statistics note that less than one per cent of startups receive VC funding.

That being said, we had already succeeded in raising from angels, had built a product that was loved by its audience, and perhaps most importantly, we had assembled an incredible, talented team to push the startup to its next level. We truly believed it would happen. But it did not.

Like many entrepreneurs, we grappled with questions of funding and sustainability. The allure of VC funding is undeniable – it promises rapid growth and the realisation of ambitious dreams. Yet, it’s a path lined with complexities and unintended consequences.

Reflecting on our experiences and those of others, we’ve come to see both seeking and getting VC funding as a double-edged sword. Patreon, a platform we admired for its creator-centric approach and for its ability to successfully raise funds was an important example.

Patreon was a big inspiration for what we were trying to do with Storya. Our app was meant to be something like Patreon but useful from end-to-end for the creation of content with powerful monetisation tools. But it turns out Patreon’s biggest mistake was taking US$400 million in VC funding, pushing the company valuation to an unrealistic US$4 billion.

While the company has grown to become a staple of the creator economy, many are now questioning whether it has a future at all. The need to squeeze out ever greater profits at higher speeds to repay those investors weighs heavy on its fate.

This case highlights a critical challenge: opening the door to VCs can inflate expectations, creating a chasm between achievable goals and investor demands.

But it’s not just about the numbers. The essence of what makes a startup innovative can get lost in this translation. The pressure to meet growth targets often leads to compromising the very ideals that sparked the venture. Patreon’s shift in business model, driven by VC pressures, is already eroding its foundational values.

Also Read: How do you raise VC funding as a student entrepreneur? Find out the answers here

Back to our own journey: after contacting through various channels hundreds of VC funds (still a drop in the bucket of the thousands and thousands that exist), one issue was that fundraising had become its own business line. The VC outreach, pitching, follow up, tracking, and other corollary activities, ended up taking 50 per cent or more of his working time for nearly a year.

As the CEO, it eventually became clear there was a toxic cycle at play. The more difficult it became to close the funding round from VCs, the more time we spent on it, at the expense of managing the rest of the team, the product and the customers, which over time made our traction numbers less appealing, although we were adding thousands of users to the app. Somewhere along the line, the balance between seeking funds to keep building, and actually running the business, was broken.

There were many rookie mistakes at play here. As a first-time founding team, striking the right balance between the many aspects involved in launching a successful tech startup was nowhere near guaranteed.

External conditions matter

Other massive factors played a role of which at least two are worth mentioning, the macro funding environment and the appalling diversity record in VC funding. On the first, we just had bad timing: our funding campaign kicked into gear in late 2022, by which time overall funding going to early stage startups was already tanking due to changing economic environment, rising interest rates, and more.

We heard from several friends in the startup ecosystem both in Singapore and Silicon Valley that while many VCs continued to take pitch meetings, very few had any actual plans to sign checks given the situation.

The second factor is the one that left that bitterest taste in us. We launched Storya to champion diversity in publishing, leveraging technology to achieve it. Our fundraising experience showed us that while most VCs like the put diversity somewhere in their “belief” statements or “about us” web pages, the reality is far, far more depressing. As we have documented during the process:

• VCs told us during actual pitch calls (facing our entire diverse team) that diversity did not matter in investment decisions.
• We were penalised for pitching under adverse conditions (e.g. blackouts) because of the geographies we operated from, like South Africa.
• A major California university startup program, which had a dozen people on its diversity committee, hang up on us when we raised the objection that their scheduling made it impossible for a diverse team from Africa and Asia to participate in their pitching sessions.

And that is just a taste of what we dealt with, despite the fact that Storya still had a white, male CEO. It made us empathise all the more with the insane challenges faced by startups that do not tick any of the VC’s preferred ‘boxes’.

Also Read: Singapore Budget 2024: For startups, talents and funding remain key challenges this year

As the fundraising winter continues, we read that funding going to women-only founded startups, for example, has contracted even further, reaching its lowest level since 2016, according to Morningstar statistics. The diversity challenge is real, and it is hurting innovation worldwide.

What are the lessons here?

We agree that whatever project comes next, self-sufficiency from a revenue perspective will be non-negotiable. While we do not exclude the possibility of fundraising in the future, we would take a “sustainable revenue first, external funding later” approach. It is partly a result of the tough experience we had.

But it also comes from the simple realisation that the era of easy startup funding has been dead since at least 2021, and is unlikely to come back.

Part of it is also about accepting that there we just do not easily fit the typical founder profiles VCs look for, in terms of background, university attended. We chose to be open about the struggle of diversity in VC funding, but it took a toll on us, as a team and individually. It caused stress and anxiety we would not choose to live through again soon.

So for now, we keep our heads down, continue with our research, brainstorming, experimenting, and building. Thanks again for being on this voyage with us!

This article originally appeared on the newsletter Praveen & Paolo on Tech.

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This article was first published on March 7, 2024

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The prospect of a second Trump presidency is creating ripples of uncertainty across the climate technology landscape. Known for motto like “Drill, baby, drill” or calling climate issues all part of a “hoax”, a Trump return to the White House could reshape clean energy funding worldwide, forcing investors, nations, and startups to adapt. The potential consequences extend well beyond US borders, impacting global geopolitics and climate innovation, particularly in Southeast Asia (SEA).

Here’s a closer look at what may lie ahead under Trump 2.0.

For SEA: One less partner and one less competitor

Southeast Asia’s clean energy initiatives could face major funding challenges if Trump follows through on promises to cut climate spending and focus on domestic industries. The US is currently a key partner in the Just Energy Transition Partnership (JETP) programs with Indonesia and Vietnam, designed to help these countries shift away from coal and adopt cleaner energy sources. However, a Trump presidency could see the US disengage from these efforts, part of what experts call a likely “repeat of rollbacks and repeals.”

Such a move could significantly reduce pledged funds. The US has committed US$2 billion of the US$20 billion pledged to Indonesia by wealthy nations and financiers, and US$1 billion of the US$15.5 billion allocated for Vietnam. A full withdrawal would leave these JETP programs struggling for resources—at a time when funds are already slow to materialise.

That said, an immediate shock is unlikely. The US government isn’t a major direct funder of Southeast Asia’s energy transition. According to Joshua Crabb, head of Asia-Pacific equities at Robeco, bilateral US funds for clean energy in the region totaled just US$41 million between 2018 and 2022—two per cent of total financing from wealthy nations during that period. By comparison, Germany provided US$1.4 billion, making it the top contributor. Much of the US contribution comes indirectly, through multilateral lenders.

Still, a second Trump presidency risks ceding US leadership in climate technology to China, a nation already expanding its influence in Southeast Asia’s energy sector. For Southeast Asian economies, which are grappling with both the impacts of climate change and shifting geopolitical dynamics, this presents a unique challenge and opportunity. Without strong US involvement, these countries will have fewer bidders for the best climate technologies. At the same time, it may push them to develop stronger regional momentum and attract investment from other global players to fill the gap.

On the demand side, it is clear that technologies that solve real and existing world issues, coupled with being cleaner for the planet will continue to grow strong. But whether Southeast Asia can seize this moment to advance its clean energy goals and thrive sustainably will depend on how effectively it navigates the shifting global landscape. Opportunity favours those who adapt.

Trump administration’s retreat may cede climate tech leadership to China

Trump’s first term included substantial efforts to undermine federal incentives for renewable energy. Paradoxically, the climate tech sector still advanced, driven largely by private investors stepping in where the government retreated.This time, however, the dynamics are more complex, as climate technology has increasingly become part of the geopolitical tech race between major powers. Key federal tax credits and grants that have nurtured innovations like carbon capture, green hydrogen, and electric vehicles (EVs) are at risk of severe cutbacks, compelling companies to recalibrate strategies.

Also Read: The intersection of tech and climate change: 5 key forces that will redefine the global market

In regards to clean technologies, since 2023, China has installed nearly 500 gigawatts of wind and solar capacity—equivalent to the combined capacity of France, Germany, and the UK. The country’s EV progress also has been nothing short of a miracle, EVs made up a remarkable 25 per cent of all passenger car sales in the country, far outpacing the one in seven (14 per cent) sold in the United States and the one in eight (12.5 per cent) in Europe. The sales momentum shows no signs of slowing. According to HSBC, EV adoption in the world’s second-largest economy is projected to soar to an impressive 90 per cent by 2030.

It’s not just consumers driving the EV surge—manufacturing is thriving as well. Chinese brands now account for nearly half of all EVs sold globally, solidifying their leadership in the industry. One of the nation’s EV “darling child” — BYD is rapidly expanding into Southeast Asia, planning to establish new assembly plants in Cambodia and Indonesia, adding to its existing facility in Rayong, Thailand. This expansion holds significant promise for the field of climate innovation for Southeast Asia, paving the way for advancements from novel battery materials to more efficient charging infrastructure.

Urgency of sustainable development in SEA

Southeast Asia must act urgently to ensure a sustainable future. The region faces significant energy security risks, relying on the Middle East for 60 per cent of its oil imports, which exposes it to geopolitical shocks like the war in Ukraine. In 2022, fossil fuel subsidies hit a record US$105 billion, and without change, annual oil import bills could soar to US$200 billion by 2050. Accelerating clean energy adoption could slash these costs to US$90 billion, making the shift essential.

The environmental stakes are high. In 2023, 85 per cent of the population endured air pollution levels above safe limits, leading to 300,000 premature deaths from outdoor pollution and 240,000 from indoor cooking fuels. Extreme weather, like record-breaking typhoons and flooding in 2024, is adding stress to communities and infrastructure.

Also Read: Will climate change force us to re-imagine travel in the future?

Despite these challenges, Southeast Asia has massive potential in clean energy. The sector has created 85,000 jobs since 2019 and is growing rapidly. The region leads in solar manufacturing, with Vietnam, Thailand, and Malaysia among the top producers outside China. Indonesia, a major player in EV batteries and global nickel supply, plans to expand its 16 GWh battery capacity to 40 GWh by 2030, fuelling the transition to electric vehicles.

Transportation emissions remain a challenge, but solutions are emerging. Biofuels meet 10 per cent of road energy demand, while EVs already make up 15 per cent of car sales in Vietnam and 10 per cent in Thailand. Expanding public transit and electrifying two/three-wheelers, which are common in the region, could make a huge difference.

Southeast Asia also needs cleaner industries to stay competitive. Technologies like bioenergy, hydrogen, and carbon capture offer solutions for sectors like nickel refining, while Singapore is leading efforts to decarbonise shipping. 

Put the technology where the problem is

In the end, the key for SEA is the application of technologies that tackle real-world problems. The solutions that truly make an impact are those that compete head-to-head with fossil-based options—offering cost parity, better unit economics, strong product-market fit, smart distribution strategies, or just being ahead of the curve.

It’s not enough for these technologies to simply “be green.” They need to deliver undeniable competitive advantages to existing solutions. Only then, they can be Trump-proofed, or even future-proofed for that matter.

This region has the tools and opportunities at its disposal. The moment to take action is now.

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fileAI, a startup specialising in horizontal file processing and AI workflow automation, has announced US$14 million in Series A funding.

This round, led by returning investors Illuminate Financial, Antler Elevate, Insignia, and Heinemann Group, brought the total funding to over US$20 million.

The newly acquired funds will boost product development and deepen the company’s expertise in AI file management.

fileAI positions itself as a crucial solution for enterprises aiming to significantly cut back-office expenses and enhance efficiency through the power of AI. Its technology addresses the challenge of managing unstructured data, which makes up 80-90 per cent of global content, with diverse formats like PDFs, spreadsheets, and emails, often in multiple languages.

Also Read: AI gold rush: How OpenAI’s Singapore expansion could reshape the startup ecosystem

The startup uses advanced predictive and generative AI, which allows for seamless text, image, and video processing, integrating with existing enterprise tools, which leads to reduced costs, greater productivity and improved data transparency.

In 2024, fileAI claims to have processed and automated workflows involving over 200 million pages and files, saving clients an estimated 420,000 hours and over US$7 million.

Its solutions are used across various industries, including financial services, insurance, accounting, and manufacturing. The platform can process files in over 200 languages, making it suitable for multinational companies.

The firm’s global client base includes MS&AD, Toshiba, KFC, DirectAsia, and Nippon.

fileAI is preparing to launch a new platform in Q1 designed for finance, operations, and legal teams. The platform uses proprietary file processing models to automate workflows for long-form documents, providing features such as document comparison, discrepancy detection, data validation, and compliance assurance.

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Singapore-based GOAT Gaming, a prominent platform for competitive and casual gaming on Telegram, has announced a strategic funding round of US$4 million.

The investment, with participation from TON Ventures, Karatage, Amber, and Bitscale, brings GOAT Gaming’s total funding to US$15 million.

This financial boost aims to accelerate the company’s vision of making Telegram the most accessible gateway to Web3, bringing a player-owned economy to the next billion users.

Also Read: Can free-to-play models ignite new player interest for Web3 gaming?

GOAT Gaming, born from the creators of Mighty Bear Games, is evolving interactive entertainment by adapting to new platforms such as Telegram. Since its launch on Telegram in August, the platform claims to have amassed 5 million active users, driven by the popularity of games such as Waifu Clash and Kitty Solitaire. Now, the focus is on unlocking AI-powered experiences within Telegram’s Mini Apps.

A key aspect of GOAT Gaming is its proprietary AI technology, refined since 2016, which enabled the company to launch 37 games in 2024. This technology is being shared with the community via AlphaGOATs, autonomous AI agents powered by a dataset of over 100 million gaming transactions. Starting on February 6th, AlphaGOATs will allow anyone to create, compete, and earn, paving the way for a new era of democratised gaming.

Simon Davis, CEO of GOAT Gaming, stated that Telegram is the most accessible gateway to Web3. The company intends to host hundreds of games and integrate numerous autonomous agents to deliver seamless, AI-driven gaming.

GOAT Gaming aims to launch over 50 games powered by AlphaAI by the end of 2025, alongside partnering with third-party studios.

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