30-06-2025
- Business
- New Straits Times
First Move secures backing from Jelawang Capital to drive AI-native startups
KUALA LUMPUR: First Move, a founder-led venture capital firm, has secured Jelawang Capital, a subsidiary of Khazanah Nasional Bhd, as the anchor investor for its latest fund.
The partnership aims to strengthen First Move's mission of supporting next-generation builders in Southeast Asia, particularly in the artificial intelligence (AI) space.
First Move's new fund comes as the region sees growing interest in AI-driven innovation. The firm plans to launch a dedicated AI co-build platform in the third quarter of this year to help create category-defining startups together with visionary chief executives and Southeast Asia's top talent.
First Move general partner Audra Pakalnyte said: "We're entering into a new era of company creation. Our builder platform allows us to partner from day zero, combining capital, technical talent and domain expertise to build AI-native companies from the ground up."
BACKING NEXT-GENERATION TECH FOUNDERS
Since its inception, First Move has invested in 24 startups across Malaysia, Singapore, Indonesia and Thailand.
The firm focuses on early-stage funding for founders in sectors such as AI, health technology, financial technology, enterprise automation, climate solutions and consumer brands.
According to global venture data platform Carta, First Move's debut fund is ranked in the top one per cent of 2023 vintage venture funds worldwide, achieving a multiple on invested capital (MOIC) of 2.4 times as at the first quarter of this year.
Notable portfolio companies include Decube (data observability and governance), (AI-powered nutrition and weight loss platform), (AI-native hiring platform), (enterprise AI operating system) and 3cat (circular commerce infrastructure for electronics).
Founding partner Joel Neoh said First Move is focused on supporting builders who see AI as a key enabler of growth rather than just team size or scale.
"AI has changed the equation. We no longer ask how big the team is. We ask how sharp the founder is and how effectively they use AI," he said.
Jelawang Capital's backing is part of its Emerging Manager Programme, which supports promising fund managers in Malaysia. The firm's chairman Datuk Hisham Hamdan said the collaboration is in line with efforts to nurture future leaders in the local and regional tech ecosystem.
"We are excited to support the next generation of Malaysian fund managers, while deepening the pipeline of quality founders shaping our future economy," he said.
First Move was founded by Neoh and Pakalnyte, both veterans in the startup scene who have successfully built and exited ventures including Fave, Groupon Asia Pacific and SAYS.
