KWAP pumps RM100mil into startups, VC funds

PETALING JAYA: Retirement Fund Inc (KWAP) is investing a total of RM100mil in two Malaysian startups and two venture capital (VC) funds as part of its investments under its Dana Perintis strategy.

The retirement fund invested an undisclosed monies into startups Bateriku (M) Sdn Bhd and Lapasar Sdn Bhd to support their growth and expansion plans, KWAP said in a statement.

KWAP chief investment officer Hazman Hilmi Sallahuddin said the investment comes following the emergence of attractive opportunities within the Malaysian startup ecosystem.

“These investments signify our commitment to recognising and fostering innovative ideas in line with the Economy Madani initiative.

“We are confident in the prospects and potential of the investment in these four entities and there will be more investments and announcements to come, as KWAP continues its rollout of Dana Perintis,” Hazman said.

Bateriku is a rapidly growing automotive service provider with a network of partners nationwide, providing job opportunities and increasing financial inclusion.

It currently operates more than 170 retail outlets nationwide and plans to expand its business regionally.

The company started off as an on-demand car battery replacement service provider but has since evolved into an ecosystem that connects car users to roadside assistance, trusted workshops, auto-parts marketplace and ancillary services.

Lapasar is an online wholesale marketplace that focuses on meeting the needs of the fast-moving consumer goods industry, accelerating the adoption of digitalisation throughout the economy, KWAP said.

The company’s wholesale marketplace platform serves thousands of corporations and SMEs in Malaysia.

The retirement fund also placed an undisclosed amount of funds with VC funds Antler and Vynn Capital.

Set up in 2018, Vynn Capital is a home-grown early stage investor that focuses on supporting early-stage startups and entrepreneurs in the supply chain and mobility sector.

Antler, meanwhile, is the world’s most active early-stage VC from pre-seed to Series A and beyond.

It 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 startups by 2030.

KWAP noted Antler recently expanded its flagship residency programme, designed to support founders to get their startups launched and funded, to Malaysia.

“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,” KWAP added.

Dana Perintis was launched in September 2023 with a targeted total deployment of RM500mil.

It is designed to accelerate the development of the Malaysian early-stage ecosystem while generating strong returns for beneficiaries via investments in startups and VC funds.

KWAP added 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.