Diversified Malaysia-listed conglomerate Malayan United Industries (MUI) has unveiled a stealth corporate venturing fund set up last summer to make early-stage investments in Southeast Asia, DealStreetAsia reported yesterday.
Pan Malaysia Ventures (PMV) was formed in August 2020, according to chairman Andrew Khoo. It has invested an average of $100,000 to $200,000 in pre-series A rounds for about six startups, he added.
MUI’s portfolio companies include e-commerce marketplace Welovesupermom.com, credit management software provider Flow, on-demand expert network Lynk Global, 3D imaging platform developer Matterport and co-living company Hmlet,
The corporate is also a limited partner in Singapore-based Genesis Alternative Ventures’ $50m venture debt fund and “might look into investing in other venture funds that can complement this strategy and to also widen our network and deal flow capabilities,” Khoo said.
Other Malaysian corporates with investment arms include Sunway, with Sun SEA Capital, state-owned oil and gas supplier Petronas and budget airline operator AirAsia.
