Malaysia’s KWAP Invests $21M in Local Startups and VC Funds Under Dana Perintis Strategy

Malaysia’s pension fund, Kumpulan Wang Persaraan (Diperbadankan) (KWAP), has unveiled its initial investments under the Dana Perintis strategy, with $21 million. The investments include two direct investments in local startups and commitments to two venture capital funds.

KWAP has announced its support for two startups, Bateriku (M) Sdn Bhd and Lapasar Sdn Bhd, as part of its efforts to help them in their growth and expansion initiatives.

Bateriku, an automotive service provider with a nationwide network of partners, plays a crucial role in job creation and financial inclusion. Meanwhile, Lapasar operates as an online wholesale marketplace catering to the fast-moving consumer goods (FMCG) sector, driving digitalization across various industries.

KWAP’s Chief Investment Officer, Hazwan Hilmi Sallahuddin, emphasized how these investments align with KWAP’s goal to strengthen innovative concepts in line with the Economy Madani initiative. 

Sallahuddin expressed confidence in the prospects of the investments in these four entities and highlighted KWAP’s dedication to closely collaborating with them, adding value and extending support to ensure their success.

Moreover, KWAP has also allocated investments to two venture capital funds: Vynn Capital and Antler. Vynn Capital focuses on seed-stage investments, particularly in the mobility and supply chain sectors. At the same time, Antler stands out as one of the world’s most active early-stage venture capital firms, supporting startups from pre-seed to Series A and beyond. 

Antler recently expanded its operations in Malaysia, supporting founders in launching and funding their startups. These initial investments mark the beginning of a portfolio aimed at injecting capital into vital segments of the local ecosystem. 

Launched in September 2023 with a targeted total deployment of RM500 million, Dana Perintis aims to expedite the growth of the Malaysian early-stage ecosystem while delivering substantial returns for beneficiaries through investments in startups and venture capital funds. 

The four investments, in Bateriku (M) Sdn Bhd, Lapasar Sdn Bhd, Vynn Capital, and Antler, also align with the six focal areas of Dana Perintis, encompassing the digital economy, financial inclusion, food security, education, the silver economy, and climate change. KWAP’s Chief Investment Officer, Hazman Hilmi Sallahuddin, expressed confidence in the prospects and potential of these investments, working closely with the invested entities to ensure their success and contribute value to the Malaysian startup ecosystem.

Hazman recognized attractive opportunities within the Malaysian startup ecosystem. He spoke of the continued rollout of Dana Perintis, indicating that more investments and announcements are expected as KWAP progresses with its strategic initiative. 

Azarol Faizi, the Founder and CEO of Bateriku, highlighted the untapped market potential in Malaysia’s automotive sector, emphasizing the absence of a dominant player providing Connected Roadside Assistance Solutions to car users. 

He expressed Bateriku’s ambition to become the leading provider offering comprehensive solutions connecting car users with roadside assistance, trusted workshops, auto parts marketplace, and related services. 

Thinesh Kumar, the Co-founder and CEO of Lapasar, also expressed honor and excitement about the partnership with KWAP and the Dana Perintis initiative. He acknowledged the responsibility towards KWAP and the initiative, stating that this strategic investment would enable Lapasar to empower small business owners in the grocery store and restaurant sector. Kumar emphasized Lapasar’s role as a consolidator, aiming to build economies of scale and enhance profits for small retailers through competitive pricing. 

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