Malaysia Venture Capital Management (Mavcap) has announced the launch of two new VC funds to support Southeast Asian startups.
The funds — Orbit Malaysia Fund I and Ficus SEA Fund — will have a collective target fund size of RM160 million (US$38 million).
They will provide equity funding to startups with strong growth potential in Malaysia and other markets in the region, focusing on verticals such as artificial intelligence, fintech, healthtech, greentech, industrialtech, IoT, and edutech.
CEO Shahril Anas Hasan Aziz said: “The new funds will strengthen Mavcap’s aspiration to help local startups grow their businesses and excel to become tech unicorns and tap into regional growth opportunities. They will 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.”
Also Read: Gobi Partners, Mavcap, Sunway Group launch early-stage fund for Malaysian startups
The Orbit Malaysia Fund I will be managed by Jakarta-based Kejora Capital, with Sunway Group and Mavcap as anchor investors. This marks the second collaboration between Mavcap and Sunway, following the Malaysia SuperSeed Fund II in 2019.
Meanwhile, Ficus SEA Fund is investing in highly promising local startups in logistictech and greentech. It also considers other potential areas, including Islamic fintech, augmented reality and ESG solutions. The fund has a Shariah-compliant investment structure.
Asyrul Ramali, CEO of Ficus Group Capital, added: “With our investment focused on robust growth sectors, we foresee positive returns for investors in the years to come, particularly in the post-pandemic environment as the world forges ahead towards recovery. To further spur Malaysia’s immense entrepreneurial talent, we look forward to guiding along with investments for promising startups to capture new opportunities and flourish.”
Orbit Malaysia Fund-I and Ficus SEA Fund are the latest additions to Mavcap’s 14 funds at various investment stages. Mavcap’s investments include 500 Durians, Axiata Digital Innovation Fund, Asia Greentech Fund and Meranti Asean Growth Fund. From these billion-ringgit-sized assets under management, 10 tech unicorns have emerged, including Carsome.
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Image Credit: MAVCAP
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