Kuala Lumpur-based venture capital (VC) firm Vynn Capital on Wednesday announced that Malaysian conglomerate Sime Darby Bhd and Hong Kong-based investment firm AEI Capital have joined as limited partners (LPs) in its new fund.
The company, however, did not disclose the amount of capital the LPs have injected into the fund, which is targeted to close at $30 million.
Vynn Capital said the new fund, its second VC fund, will be focusing on the mobility and supply-chain sectors in ASEAN and has also received investment commitment from Indonesia-based Wide Technologies as well as other LPs from Malaysia and Singapore.
“Their [Sime Darby and AEI Capital] extensive experience and industry knowledge in the targeted sectors will significantly enhance our ability to identify and support startups with groundbreaking solutions,” Vynn Capital founding and managing partner Victor Chua said.
Vynn Capital said that Sime Darby, which is a strong player in the industrial and motor sectors across 18 markets — especially in the Asia Pacific — would be involved in forays into new areas of mobility from EVs and batteries to alternative ownership models such as ride-hailing and car-sharing.
“This investment in Vynn Capital is in line with our mobility strategy that aims to future-proof our traditional core businesses against disruptive trends,” said Sime Darby group CEO Jeffri Salim Davidson.
Vynn Capital said it would be partnering with AEI Capital via the latter’s fund-of-funds investment arm, which would be contributing its expertise in recognising groundbreaking companies and extensive industry connections.
AEI Capital is a growth equity investment firm with over 30 years of combined experience and over $850 million of assets under management.
Vynn Capital is a Southeast Asia-focused early-stage venture capital firm “eyeing the supply chain and mobility industries including but not limited to logistics, travel, and FMCG”. Its portfolio companies include names such as Carsome, Dropee, and Travelio, among others.