First Move’s Investment Fuels Ten Startup Ventures in Southeast Asia

First Move, an early-stage venture capital firm founded by Joel Neoh, the creator of Fave, and Audra Pakalnyte, the former head of FavePay Later, has recently announced its support for ten startups. 

With a portfolio already spanning Malaysia, Singapore, and Indonesia, First Move specializes in early-stage investments within the consumer sector. It aims to drive economic growth and innovation across Southeast Asia. Led by executives and entrepreneurs in consumer technology, the firm focuses on providing financial backing and growth opportunities to promising startups. 

First Move’s investment portfolio has expanded to include ten startups, with much of its funding directed towards Malaysian startups and founders. The average investment size per startup stands at RM467,000 (US$100,000). Notably, the fund adopts a collaborative investment approach, partnering with prominent VC firms like 500 Global, Gobi Partners, and Vertex Ventures to maximize its impact on the startup ecosystem.

The fund’s unique focus on early-stage founders aims to fill a vital gap in VC financing, particularly during the idea stages where startups require initial support. With 35% of the supported founders being women, First Move promotes diversity and inclusivity within the startup ecosystem, nurturing local talent and the growth of scalable ventures.

First Move’s investment philosophy also offers startups access to valuable networks and mentorship from industry veterans, who help them globally.

Among the startups in First Move’s portfolio are innovative ventures like Koppiku, which aims to enhance affordability and accessibility to premium daily necessities. 

Additionally, initiatives like MalaysianPAYGAP address workplace gender and racial disparities, promoting equal pay and career opportunities to encourage social equity. 

The fund’s support extends to initiatives like 3Cat, which promotes device traceability, repair, and reuse to reduce waste and advance the circular economy in consumer electronics. 

First Move’s investment strategy centers on evaluating the strength and experience of founding teams, prioritizing diversity and leadership skills necessary for steering startups through their early stages. 

Audra Pakalnyte, a partner at First Move and former head of FavePay Later, highlighted the importance of founders with different backgrounds, deep domain expertise, and the ability to navigate the challenges of early-stage ventures. Additionally, the fund assesses each startup’s potential to address market needs and innovate within its industry space, emphasizing regional scalability to support expansion beyond initial markets.

In addition to providing capital, First Move engages in strategic co-investments with prominent venture capital firms like Vertex Ventures, 500 Global, and Gobi Partners.

The investments made by First Move are strategically focused on three key areas: affordability, financial inclusion, and the circular economy. This focus is evident in the current portfolio of startups. 

Also Read:

• AIsphere Raises $14 Million to Challenge OpenAI’s Sora in China’s AI Landscape
• Echelon’s TOP100 2024 Boasts A More Mature Program In Its 10th Edition As First 26 Startups Are Revealed
• How does AKA Virtual rescue classic IPs from the “midlife crisis”?
• OCBC Launches Women Entrepreneurs Programme: Supporting Female-Led SMEs in Singapore
• Former Google Engineer Indicted for Alleged Theft of AI Secrets in China