Joel Neoh and Audra Pakalnyte Launch First Move Fund to Support Consumer Startups in Southeast Asia

Former executives of Fave, Joel Neoh and Audra Pakalnyte, have joined forces to launch First Move, an early-stage fund specifically focused on supporting startups that cater to consumers in Southeast Asia. 

First Move has a backing of venture capital firm 500 Global and in collaboration with the Consumer Tech Angel Syndicate, a close-knit group of experienced founders and executives in the consumer space. With this, the initiative aims to provide pre-seed funding of up to US$100,000 to empower and foster innovation among consumer-focused startups in the region. 

The Angel Syndicate members, comprising founders and senior executives from prominent direct-to-consumer (D2C), e-commerce, mobility, and fintech scale-ups in Southeast Asia, will have the opportunity to co-invest in First Move deals, further strengthening the fund’s ability to provide comprehensive support to promising startups in the consumer sector. 

By leveraging the expertise and networks of the Tech Angel Syndicate, First Move plans to offer startups financial support and access to a network of experienced entrepreneurs and industry leaders. 

First Move, the early-stage fund led by former Fave executives, has already made strategic investments in seven startups to empower and nurture consumer-focused ventures in Southeast Asia. These investments include Indonesian F&B company Giggly Coco, Malaysian perfume brand Scentses & Co, and Singaporean health and beauty firm Evolut Commerce. 

Following his departure from Fave earlier this year, Joel Neoh, the company’s co-founder, has taken on significant roles in the health technology sector. Neoh joined Prenetics Group, a prominent genetic and diagnostic testing firm headquartered in Hong Kong, where he now serves as the Chief Consumer Officer. 

In addition, he has assumed the position of Managing Director for CircleDNA, Prenetics’ consumer health business. Neoh’s involvement with Prenetics dates back to 2014, when he became its initial angel investor.

Audra Pakalnyte, on the other hand, played a crucial part in the growth and achievements of Fave, a renowned fintech platform in Southeast Asia. Serving as a key founding team member, she was Head of Strategic Initiatives. After several years of dedicated contribution, Pakalnyte departed from Fave in May this year, leaving a legacy of strategic leadership and expertise.

“As founders ourselves, at First Move, we go beyond capital injection. We believe in providing guidance, mentorship, and access to a vast network of industry connections which is crucial in the early stages to get on the right path. We understand the pain points of founders and aim to leverage our experience to provide invaluable mentoring support during the early days of their journey and set our portfolio startups up for long-term success,”  said Audra Pakalnyte, Partner of First Move.