Diversified conglomerate Sunway Group has partnered venture capital firms Gobi Partners and Malaysia Venture Capital Management (Mavcap) to launch a $10m Malaysia-based microfund.
The vehicle will invest in Malaysia-based companies at seed and pre-series A stage, and intends to participate in between 25 and 30 deals. It is the successor to the Gobi-run ASEAN SuperSeed Fund.
Malaysia SuperSeed Fund II is targeting technology areas such as artificial intelligence, big data, fintech, e-commerce and online marketplaces, cloud services, the internet of things and taqwatech, which aligns with Islamic principles.
Gobi Partners has launched microfunds directed toward Indonesia and the Philippines over the past year, and in April 2019 hooked up with Fatima Ventures, the corporate VC unit owned by diversified conglomerate Fatima Group, for a $20m fund focusing on Pakistan.
