Let’s Work Together

Penjana Kapital partners Indonesia’s AC Ventures to pave way for M’sian start-ups to access US$1 trillion Indonesian market

Published on November 26, 2021

Original post by The Edge Markets

Penjana Kapital Sdn Bhd has entered into an agreement with Indonesian venture capital investment firm AC Ventures to allow promising Malaysian start-ups to expand into Indonesia and form partnerships within the regional technology ecosystem.

In a statement on Thursday (Nov 11),  Penjana Kapital highlighted that AC Ventures is one of the eight venture capital fund managers selected as part of Dana Penjana Nasional, a programme administered by Penjana Kapital.

The partnership between AC Ventures and Penjana Kapital was signed and witnessed by Prime Minister Datuk Seri Ismail Sabri Yaakob and Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz during the premier’s four-day working visit to Jakarta.

“We are pleased with AC Ventures’ decision to partner up with Penjana Kapital and invest in the Malaysian start-up space.

“These funds are crucial to spurring our start-up ecosystem by encouraging innovation and equipping Malaysian innovators with the necessary resources to scale and succeed, particularly in Indonesia, the largest consumer market in Southeast Asia.

“By tapping the power of AC Ventures’ local knowledge and network, Malaysia’s start-ups stand a higher chance of go-to-market success in a US$1 trillion (about RM4.16 trillion) economy,” according to Tengku Zafrul.

With nearly 100 companies in its portfolio, AC Ventures has backed the likes of Carsome, Xendit, Stockbit, Eden Farm, Ula, and many other unicorns.

Meanwhile, Penjana Kapital also pointed out that AC Ventures had partnered with Translink Capital and Vertex Force to invest in Dana Penjana Nasional’s SEA Frontier Fund.

“Through AC Ventures’ investment, the SEA Frontier Fund will double down on its strategy of identifying and funding start-ups with the potential for cross-border regional expansion.

“The SEA Frontier Fund has also attracted commitments from strategic foreign investors, including a global conglomerate from South Korea.

“The SEA Frontier Fund, whose current fund size is RM200 million, aims to raise an additional RM100 million in the next three months,” it elaborated.

Separately, Penjana Kapital also shared that Dana Penjana Nasional had, thus far, raised a total commitment of RM995.4 million for its eight funds as of October 2021.

“Of the total, RM562.7 million came from foreign and private local investors. Penjana Kapital is also pleased to announce that Dana Penjana Nasional has approved 30 investments valued at RM267.2 million. Two of them have recently attained ‘unicorn’ status (start-ups valued at over US$1 billion),” it said.

AC Ventures (ACV) is a top Southeast Asian venture capital firm that invests in early-stage startups focused on Indonesia and ASEAN, with over US$500 million in assets under management. The firm's mission is to empower entrepreneurs with more than just capital by combining operational experience, industry knowledge, deep local networks, and resources. ACV's team has invested in over 120 tech companies in the region since 2012. With a team of more than 35 professionals led by Adrian Li, Michael Soerijadji, Helen Wong, and Pandu Sjahrir, it has offices in Jakarta and Singapore.

EN | 中文