Joel Neoh's First Move fuels Malaysian startups with10 investments in its first year

• Investments mainly to Malaysians & KL-based founders, US$100k average cheque
• Partnership approach by co-investing with Vertex Ventures, 500 Global, Gobi Partners

First Move, an early stage fund, created by entrepreneurs for entrepreneurs, is making moves in the Malaysian startup scene by backing its first 10 ventures in the first year. With its unique focus on early-stage founders, First Move, launched by Joel Neoh and Audra Pakalnyte, is injecting significant capital into the growth of the ecosystem, providing much-needed early funding support during a crucial but often overlooked phase.

In its inaugural year, the fund has invested the majority of its funding to Malaysians and Malaysia-based founders, with an average investment size of RM467,000 (US$100,000) per startup. A significant highlight is that 35% of the founders supported are women, underscoring the fund's commitment to diversity and inclusion. Additionally, First Move has funded early stage consumer companies in Singapore, Indonesia and Vietnam.

First Move's latest investments in Malaysia underscore its commitment to impact investing, with a focused approach on affordability, financial inclusion, and circular economy. These strategic investments are aimed at fostering sustainable and inclusive growth across the region.

To enhance affordability, Koppiku aims to transform the coffee industry by enabling price accessibility to premium daily necessities, broadening access to quality goods and creating more local jobs. In tackling workplace gender and racial disparities, First Move supports the MalaysianPAYGAP initiative, which champions equal pay and career opportunities, contributing to broader social equity.

Advancing the circular economy in the sustainable consumer electronics space, 3Cat is leading the charge by enabling device trace-in, repair, and reuse. This initiative significantly reduces waste and extends the lifespan of technology. Furthermore, enhancing access to niche markets, First Move's investment in Collektr connects collectors of unique items, showcasing a commitment to improving circular commerce and fostering community engagement.

First Move multiplies its impact on the Malaysian startup ecosystem by combining early-stage investments with strategic co-investments alongside leading venture capital firms, including Vertex Ventures, 500 Global, Gobi Partners, and more. This approach not only provides startups with essential financial support but also grants them access to a wealth of networks, expertise, and mentorship. This collaborative approach ensures that these bold entrepreneurs are equipped to compete on a global scale.

"We are excited about the impact in our first year of operation," said Audra, Partner at First Move. "Our investments in Malaysian startups have not only fueled their growth but have also attracted attention and interest from international investors. We are proud to be playing a role in propelling the Malaysian startup boom and look forward to continuing our mission of empowering visionary founders with the resources they need to succeed."

First Move's entry as an early investor complements the ecosystem established by key Malaysian enablers like Khazanah, Penjana Kapital, Malaysia Venture Capital Bhd (MAVCAP), EPF, and KWAP, encouraging more entrepreneurs to launch their ventures.

This synergistic approach not only accelerates the development of scalable ventures but also nurtures local talent by providing essential resources, driving economic growth, and job creation. Consequently, the broader aim is to reinforce Malaysia’s emergence as a vibrant hub for entrepreneurship, fostering a culture of innovation and technological advancement.

For more information about First Move and its investments, please visit www.firstmovefund.com.