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, totaling 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 nationwide network of partners, providing job opportunities and increasing financial inclusion. Meanwhile, Lapasar is an online wholesale marketplace focusing on meeting the needs of the FMCG industry, accelerating digitalization throughout the economy.   Additionally, KWAP has made commitments to two VC funds: Vynn Capital, a homegrown 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 program to Malaysia, designed to help founders launch and fund their startups. These investments are the first in a portfolio of fund investments that will inject capital into areas of the local ecosystem that need it most.   Launched in September 2023 with a targeted total deployment of RM500 million, Dana Perintis aims to accelerate the development of Malaysia’s early-stage ecosystem while generating strong returns for beneficiaries through investments in startups and VC funds. The four investments align with the six focus areas of Dana Perintis: 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 signify our commitment to recognizing and fostering innovative ideas in line with the Economy Madani initiative.”   He added, “We are confident in the prospects and potential of 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 providing 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, an auto parts marketplace, and ancillary services. We are grateful for KWAP’s investment and 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 honored 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 sectors. 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 nation’s needs. We look forward to collaborating with KWAP in supporting more great entrepreneurs building innovative solutions that address industry challenges 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 to 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.”