Malaysia Venture Capital Management Berhad (MAVCAP) is investing as a limited partner in Kuala Lumpur-headquartered Vynn Capital’s Mobility and Supply Chain Fund.
In a joint statement on Tuesday, the two firms said the VC firm’s decision to participate as an investor in the fund reflects its continuous commitment to back local fund managers to nurture pioneering startups in propelling technological advancements in Malaysia and across the region.
“MAVCAP is thrilled to join forces with Vynn Capital in supporting the Mobility and Supply Chain Fund. This collaboration aligns with our mission to catalyse innovation and growth in Malaysia and across Southeast Asia,” said Shahril Anas bin Hasan Aziz, Chief Executive Officer of MAVCAP.
Vynn Capital is targeting a fund size of $30 million for this fund and will be investing in in Southeast Asia-focused early-stage startups that are raising seed to Series A rounds. It aims to revolutionise Southeast Asia’s technology landscape by fostering innovation in mobility and supply-chain solutions.
Sime Darby and AEI Capital also joined as LPs in the fund last year.
This is Vynn Capital’s second fund, following its maiden fund launched in 2019 which was also backed by MAVCAP.
YAM Tunku Ali Redhauddin ibni Tuanku Muhriz, Partner at Vynn Capital, said, “We are honoured to have MAVCAP as an investor with us again. As one of the most experienced venture backers in the region, MAVCAP will continue to provide us access to institutional networks, allowing us to provide better support to our portfolio companies. This is especially important in the world of constantly changing market dynamics.”