KHAZANAH Nasional Berhad, through its wholly owned subsidiary Jelawang Capital, has appointed five venture capital firms under two flagship initiatives aimed at scaling Malaysia’s startup ecosystem — the Emerging Fund Managers’ Programme (EMP) and the Regional Fund Managers’ Initiative (RMI).
The selected firms are Vynn Capital, Kairous Capital and First Move under EMP, while Taiwan-based AppWorks and Singapore’s Granite Asia have been named as RMI partners.
Announcing the appointments today, Khazanah managing director Datuk Amirul Feisal Wan Zahir said, “Together, these five managers are expected to deploy over RM200 million. A significant portion of this will be channelled into Malaysia-Nexus companies, supporting around 50 early-stage firms.”
He described the selection as “a blend of local roots and regional reach, and, most importantly, an alignment of values. They will back startups that dare to build, that dare to scale, and that carry Malaysia’s ambition into the region and beyond.”
The EMP is designed to nurture Malaysian fund managers raising their first few funds, with emphasis on governance, track record, and capital mobilisation. Meanwhile, the RMI seeks to attract globally competitive managers with the capacity to bolster Malaysia’s startup ecosystem, encourage the re-domiciliation of companies, and help grow local tech talent.
In addition to capital, AppWorks and Granite Asia have committed to rolling out mentorship, accelerator programmes and masterclasses for Malaysian founders starting in 2025.
Finance Minister II Datuk Seri Amir Hamzah Azizan also attended the launch event.
The VC firms were selected following a rigorous assessment of investment strategies, team capabilities, governance standards, and alignment with national priorities outlined under the Malaysian Venture Capital Roadmap 2024–2030.
This first cohort of fund managers forms part of Khazanah’s broader RM1 billion commitment under the MADANI Economy framework to catalyse high-growth entrepreneurship and draw institutional capital into early-stage ventures.
The announcement comes as Kuala Lumpur climbs to 18th place globally in Startup Genome’s 2025 Global Startup Ecosystem Report — its first entry into the world’s top 20 emerging startup ecosystems.
Despite the momentum, Malaysia’s overall VC landscape remains modest, with US\$429 million in venture funding recorded in 2024.
The Jelawang initiatives aim to close this gap by enhancing fund capacity and deepening regional integration. - June 24, 2025
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