This Early-Stage Fund For Entrepreneurs Aims To Help Malaysian Startups Get Off The Ground
In its first year of operations, the fund's average investment size was RM467,000 per startup.
By Gowri Chitra — 14 Mar 2024, 11:59 AM
Created by entrepreneurs for entrepreneurs, early-stage fund First Move is making moves in the Malaysian startup scene
First Move is a venture capital fund in Southeast Asia. The fund is dedicated to early-stage investments in the consumer sector, aiming to establish Southeast Asia by stimulating economic growth and fostering innovation.
In particular, it specialises in supporting seasoned executives and entrepreneurs in consumer technology and other related fields. As a leader in writing first checks to promising entrepreneurs, First Move focuses on providing financial support and access to growth opportunities.
What makes the fund unique is its focus on early-stage founders — providing much-needed early funding support at a critical stage in the operation of startups. By doing this, the fund is also injecting significant capital into the growth of the ecosystem.
In its inaugural year of operations, First Move backed its first 10 ventures, investing the majority of its funding in Malaysians & Malaysia-based founders
The average investment size was RM467,000 per startup. Impressively, 35% of the supported founders were women, highlighting the fund's commitment to diversity and inclusion.
First Move's latest investments in Malaysia demonstrate its commitment to impact investing, with a focused approach on affordability, financial inclusion, and circular economy.
First Move has also funded early stage consumer companies in Singapore, Indonesia. and Vietnam. These strategic investments are aimed at fostering sustainable and inclusive growth across the Southeast Asian region.
Here's a look at some of the startups that received funding from First Move:
Koppiku
Aims to transform the coffee industry by enhancing affordability and enabling price accessibility to premium daily necessities, broadening access to quality goods and creating more local jobs.
MalaysianPAYGAP
This initiative tackles workplace gender and racial disparities by championing equal pay and career opportunities, contributing to broader social equity.
3Cat
Leading the charge by enabling device trace-in, repair, and reuse, this initiative significantly reduces waste and extends the lifespan of technology, advancing the circular economy in the sustainable consumer electronics space.
Collektr
Connects collectors of unique items, showcasing a commitment to improving circular commerce, fostering community engagement, and enhancing access to niche markets.
In addition to its early-stage investment, First Move also carries out strategic co-investments with leading venture capital firms, including Vertex Ventures, 500 Global, Gobi Partners, and more
The two-pronged approach multiplies the fund's impact on the Malaysian startup ecosystem — not only providing startups with essential financial support, but also granting them access to a wealth of networks, expertise, and mentorship. This ensures that local entrepreneurs are equipped to compete on a global scale.
Complementing the ecosystem established by key Malaysian enablers like Khazanah, Penjana, MAVCAP, EPF, and KWAP, First Move's position as an early investor encourages more entrepreneurs to launch their ventures.
This synergistic approach has various benefits, including:
- Accelerating the development of scalable ventures
- Nurturing local talent by providing essential resources
- Driving economic growth and job creation
Overall, the aim is to foster a culture of innovation and technological advancement, reinforcing Malaysia's emergence as a vibrant hub for entrepreneurship
"We are excited about the impact in our first year of operation. 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," said Audra Pakalnyte, Partner at First Move.
