Jelawang Capital, a wholly owned subsidiary of Khazanah Nasional, has officially selected five venture capital (VC) fund managers under its Emerging Fund Managers’ Programme (EMP) and Regional Fund Managers’ Initiative (RMI), marking a significant step toward deepening Malaysia’s venture capital landscape.
The announcement was made at an event officiated by Minister of Finance II, YB Senator Datuk Seri Amir Hamzah Azizan, and follows the initial launch of the EMP and RMI in October 2024.
“These appointments reflect our commitment to nurturing a vibrant VC ecosystem aligned with Ekonomi MADANI. It is also encouraging to see Kuala Lumpur recently enter the Top 20 Emerging Startup Ecosystems globally,” said the minister.
Local and Global Expertise Combined
Three Malaysia-based firms were selected under the EMP:
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Vynn Capital – A sector-focused local VC firm investing in mobility and supply chain startups across Southeast Asia from seed to Series A.
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Kairous Capital – A cross-border VC with private equity roots, helping Malaysian startups scale into Vietnam, Thailand, and Indonesia, while importing innovation from advanced markets like China.
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First Move – A founder-led firm backing pre-seed startups across the region, often serving as the first institutional partner to hands-on co-build scalable businesses.
Under the RMI, two regional/global VCs will contribute international expertise to Malaysia’s ecosystem:
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AppWorks (Taiwan) – Backed by a strong DPI track record, AppWorks will launch Malaysia-focused Web 2.0 and Web 3.0 startup cohorts, focused on AI, blockchain, and digital economy sectors.
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Granite Asia – A multi-stage VC with over 115 unicorns and 61 IPOs in its portfolio, Granite will connect Malaysian founders with global resources, mentorship, and cross-border scaling opportunities.
Strategic National Agenda
Khazanah MD Dato’ Amirul Feisal Wan Zahir emphasized the broader goal: “We’re not just injecting capital — we’re catalyzing an entire ecosystem. Through Dana Impak and Jelawang, we aim to crowd in funders, founders, and institutions”.
Jelawang Chairman Datuk Hisham Hamdan added, “With a systems-driven approach, the EMP and RMI are designed to nurture quality fund managers, founders, and institutional investors alike”.
The fund manager selection process focused on investment theses, governance, team strength, and alignment with Malaysia’s national development goals.
The initiatives also support the RM1 billion commitment under the Ekonomi MADANI framework and Malaysia’s Venture Capital Roadmap 2024–2030, targeting to make the country a regional VC hub by 2030.
Maria Lourdes
