KUALA LUMPUR, 16 February 2024 – Kumpulan Wang Persaraan (Diperbadankan) [KWAP] today announced the first batch of investments made under its Dana Perintis strategy. The investments, which amount to RM100 million, comprise two direct investments in Malaysian startups and two Venture Capital (VC) fund commitments.
KWAP invested in two promising Malaysian companies, 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 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.
The Chief Investment Officer of KWAP, Hazman Hilmi Sallahuddin, 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.”
He added, “We are confident in the prospects and potential of the investment in 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.”
Azarol Faizi, Founder and Chief Executive Officer 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, Co-founder and Chief Executive Officer of Lapasar, said, “We are honoured and 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, 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.”
Jussi Salovaara, Co-founder and Managing Partner Asia, of Antler, said, “We are incredibly excited to be part of Dana Perintis. This is a testament to our ongoing commitment in identifying and backing the most exceptional entrepreneurial talents in Southeast Asia, especially in Malaysia, where there’s an increasing focus on innovation and growth. Our unique position as a global early-stage venture capital firm brings with it a wealth of learnings and insights from across the globe and I look forward to our partnership with KWAP to further enrich the vibrant entrepreneurial ecosystem in this region.”
To learn more about these investments, please refer to Appendix A.
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About Kumpulan Wang Persaraan (Diperbadankan)
Kumpulan Wang Persaraan (Diperbadankan) [KWAP] or the Retirement Fund (Incorporated) was established on 1st March 2007 under the Retirement Fund Act 2007 (Act 662) replacing the repealed Pensions Trust Fund Act 1991 (Act 454).
KWAP manages contributions from the Federal Government and relevant agencies made into the Retirement Fund [Fund] to obtain optimum returns on its investments through sound management and investment of the Fund in equity, fixed income securities, money market instruments, and other forms of investments as permitted under the Retirement Fund Act 2007 (Act 662). The Fund shall be applied towards assisting the Federal Government in funding its pension duties. In 2015, KWAP was officially appointed as an agent of the Federal Government for the purpose of pension payment, gratuity, or other benefits granted under any written law from the Consolidated Fund as agreed between the Federal Government and KWAP.
Visit www.kwap.gov.my for more information.
For media enquiries, please contact:
Amirah Kamarulzaman
Contact Number: +603-2174 8000, ext 8669
E-mail: nurulamirah.k@kwap.gov.my
Nazlin Amirudin
Contact Number: +603-2174 8000, ext 8679
E-mail: nazlin.a@kwap.gov.my
Yasmin Syazwina
Contact Number: +6016-973 7956
E-mail: yasmin.syazwina@edelmansmithfield.com
APPENDIX A
Bateriku (M) Sdn Bhd
Bateriku.com started off as an on-demand car battery replacement service provider, evolving into an ecosystem that connects car users to roadside assistance, trusted workshops, auto parts marketplace and ancillary services. Bateriku.com scaled up by leveraging on big data, technology, and sharing economy. To date, Bateriku.com operates more than 170 retail outlets nationwide and plans to expand its business regionally.
Lapasar Sdn Bhd
Lapasar is a Wholesale Marketplace platform that serves thousands of corporations and SMEs in Malaysia. It meets the procurement and supply chain needs of buyers and sellers, increasing efficiency whilst leveling the playing field. Lapasar operates a corporate procurement service, as well as one for FMCG products for retailers.
Vynn Capital
Vynn Capital is a SEA based early-stage investor that focuses on supporting early-stage startups and entrepreneurs in the Supply Chain and Mobility sector. Since its inception in 2018, the firm has embodied a differentiated strategy of ecosystem investing.
Antler
The global investor backing founders from day zero to greatness. Antler’s global community backs people from the beginning with co-founder matching, deep business model validation, initial capital, expansion support, and follow-on funding. Besides being the earliest backer for startups, Antler is also a long-term capital partner that provides expansion support and scale-up funding to breakout companies from Series A onwards. As the most active early-stage VC, Antler has invested in more than 1,000 startups across a wide range of industries and technologies, with the goal of backing more than 6,000 by 2030.
