Malaysia's Khazanah names Granite Asia, AppWorks among first VC partners to boost startup ecosystem
The announcement, made on Tuesday (Jun 24) by Khazanah and its wholly-owned subsidiary Jelawang Capital, marks the first rollout of its Emerging Fund Managers' Programme (EMP) and the Regional Fund Managers' Initiative (RMI), which were launched in October last year.
The five selected fund managers under EMP and RMI are expected to deploy over RM200 million, a significant portion of which will be channeled into Malaysia-Nexus companies, supporting around 50 early-stage firms, said Khazanah managing director Amirul Feisal Wan Zahir.
'Our hope is that these five managers will help nurture the next wave of Malaysian startups, and that over time, those startups and founders will become mentors, backers and anchors for the next generation,' he said during the media briefing in Kuala Lumpur.
He added that the initiatives are part of Khazanah's broader goal to act as both 'catalyst and connector' through its Dana Impak impact investment platform and Jelawang Capital.
Khazanah, Malaysia's sovereign wealth fund, managed US$36 billion in assets as at the end of 2024. In October last year, Khazanah launched Jelawang Capital, a national fund-of-funds, designed to accelerate the growth of Malaysia's venture capital sector through investments and partnerships with fund managers.
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Granite Asia and AppWorks
Granite Asia and AppWorks were chosen as RMI partners. The RMI seeks to draw in regional and global fund managers who will contribute to the local startup ecosystem by fostering the growth of Malaysian startups into regional and global entities, encouraging global companies to re-domicile in Malaysia to boost local job opportunities, and drawing top talent into the Malaysian ecosystem.
Granite Asia, formerly known as GGV Capital Asia, is a leading multi-stage investor focused on transformative opportunities across Asia, with a track record of building over 115 unicorns and achieving 61 initial public offerings globally.
The firm will back transformative startups in Malaysia through its early-stage fund, focusing on sectors such as consumer tech, enterprise software, healthcare, and advanced manufacturing.
In partnership with Khazanah and Jelawang Capital, Granite Asia will also offer local entrepreneurs access to its founder network and strategic programmes to help Malaysian startups to scale beyond the local market into the region and globally.
Meanwhile, AppWorks, a Taiwan-based early-stage VC, stands out for combining equity-free accelerator programmes with founder-centric capital deployment.
It plans to roll out Malaysia-focused Web 2.0 and Web 3.0 startup cohorts, backed by local experts and its regional founder network. AppWorks' investment mandate includes artificial intelligence, blockchain, and digital economy startups across Southeast Asia, with a track record of top-quartile returns.
Local VCs take centre stage
Out of the first five VCs, three Malaysian firms – Vynn Capital, Kairous Capital and First Move – were selected under the EMP.
EMP is structured to support Malaysian fund managers in raising their first, second, or third fund with the goal of creating regionally competitive VC fund managers by strengthening fund governance, building track record and crowding in capital.
Kuala Lumpur-based Vynn Capital focused on mobility and supply chain startups from seed to Series A across Southeast Asia.
Kairous Capital, which specialises in cross-border expansion, aims at helping Malaysian tech startups penetrate high-growth markets in Vietnam, Thailand, and Indonesia. The firm also channels know-how from China to Malaysian ventures.
First Move, is a founder-led firm backing pre-seed startups, often acting as the first institutional investor. It focuses on co-building startups with experienced operators and second-time founders.
Building a regional VC powerhouse
Malaysia's Second Finance Minister Amir Hamzah Azizan, who also attended the event, said one of the most important lessons from global innovation hubs is that thriving ecosystems don't happen by chance, they are intentionally cultivated.
'In Malaysia, we are laying the foundations for such an ecosystem, driven not just by capital, but by conviction.
And we are beginning to see the results. This month, Kuala Lumpur entered the Top 20 Emerging Startup Ecosystems globally – a first for Malaysia, and a testament to the power of coordinated ambition,' he added.
Jelawang Capital chairman Hisham Hamdan expects with the collaboration of this group of high calibre fund managers, the country will be able to attract more capital, talent, expertise, and capabilities into Malaysia's ecosystem.
The EMP and RMI initiatives form a key pillar of the Malaysian Venture Capital Roadmap 2024–2030, which aims to make the country a preferred regional hub by the end of the decade.
The programmes also support the Malaysian government's goal of unlocking RM1 billion in investments to fund high-growth entrepreneurs and attract institutional capital to early-stage companies.
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