KWAP makes US$21mil maiden investments under its Dana Perintis Strategy

• Startups Bateriku, Lapasar, VCs Vynn Capital and Antler the recipients
• Targeted total deployment of US$104.6mil, aims to strengthen startup ecosystem

Kumpulan Wang Persaraan (Diperbadankan) (KWAP) has announced the first batch of investments made under its Dana Perintis strategy. The investments, which amount to US$21 million (RM100 million), comprise of two direct investments in Malaysian startups and two Venture Capital (VC) fund commitments.

Hazman Hilmi Sallahuddin, chief investment officer of KWAP said, “With the emergence of attractive opportunities within the Malaysian startup ecosystem, we are pleased to announce Dana Perintis' inaugural investments. These investments also signify our commitment to recognising and fostering innovative ideas in line with the Economy Madani initiative.”

The two promising Malaysian startups are, Bateriku (M) Sdn Bhd and Lapasar Sdn Bhd to further support their growth and expansion plans. Bateriku is a rapidly growing automotive service provider with a network of partners nationwide, providing job opportunities and increasing financial inclusion. Meanwhile, Lapasar is an online wholesale marketplace that focuses on meeting the needs of the FMCG industry, accelerating the adoption of digitalisation throughout the economy.

Additionally, KWAP has also made commitments to two VC funds, namely, Vynn Capital, a home-grown fund that invests from the seed stage with a focus on the mobility and supply chain sectors, and Antler, the world’s most active early-stage VC from pre-seed to Series A and beyond. Antler recently expanded its flagship residency programme to Malaysia, designed to support founders get their startups launched and funded. These are the first in a portfolio of fund investments that will be carefully curated to inject capital into sections of the local ecosystem that most require it.

Launched in September 2023 with a targeted total deployment of US$104.6 million (RM500 million), Dana Perintis is designed to accelerate the development of the Malaysian early-stage ecosystem whilst generating strong returns for beneficiaries via investments in startups and VC funds.

The four investments are also in line with the six focus areas of Dana Perintis, which are digital economy, financial inclusion, food security, education, silver economy and climate change.

“We are confident in the prospects of these four entities and look forward to working closely with them; adding value and lending KWAP’s support to ensure their success. There will be more investments and announcements to come, as KWAP continues its rollout of Dana Perintis,” said Hazman.

Azarol Faizi, Founder and CEO of Bateriku, said, “To date, close to 18 million cars are registered in Malaysia, and there is no market leader that provides Connected Roadside Assistance Solutions seamlessly to car users. Bateriku.com aims to be the go-to provider offering end-to-end solutions that connect car users with roadside assistance, trusted workshops, auto parts marketplace and ancillary services. We are grateful for KWAP’s investment, and we are committed to growing the market share while creating more job opportunities for skilled gig workers and nurturing entrepreneurs.”

Thinesh Kumar (pic), Co-founder and CEO of Lapasar, said, "We are thrilled with this partnership while also being aware of the responsibility we now have towards KWAP and the Dana Perintis initiative. This strategic investment will enable Lapasar to empower small business owners in the grocery store and restaurant sector. By positioning ourselves as the consolidator, we aim to build economies of scale, ultimately passing on enhanced profits to small retailers through competitive pricing. This investment propels Lapasar towards establishing one of the largest tech-enabled infrastructures for FMCG in the nation."

Victor Chua (pic, right), Founding and Managing Partner at Vynn Capital, said, “We are grateful to have KWAP as an investor and supporter. As a Malaysian venture capital firm, we believe our investment objectives are well aligned with KWAP’s commitment to the needs of the nation. We look forward to collaborating with KWAP in supporting more great entrepreneurs who are building innovative solutions that address industry problems and opportunities.”

For Victor, the investment comes on the heels of another investment his Mobility and Supply Chain Fund received three weeks ago from Mavcap, which was the anchor investor in Vynn Capital back in 2018.