KUALA LUMPUR: Malaysia Venture Capital Management Bhd (Mavcap) has emerged as one of the three initial limited partners that have chosen to invest Gobi Partners’ Meranti Asean Growth Fund, which first closing valued at US$50 million.
According to a joint statement today, the fund, with a target size of US$200 million, will be aimed at investing into Series B and C rounds of Southeast Asian IT-related companies, with a particular focus on cloud services, e-commerce, FinTech as well as TaqwaTech (high tech companies that serve and empower Muslim communities).
This will be Mavcap’s third collaboration with Gobi.
It began its partnership with Gobi in 2015, and has already helped the firm create numerous strategic relationships with relevant conglomerates and companies in Asean.
“Our decision to once again partner with Gobi for this new fund was backed by their 15-year track record, not to mention our own fruitful two-year working experience with them, which has produced a first exit this past June.
“This fund is also the biggest growth stage fund to come out of Malaysia at this point, and it is also one of the biggest in Asean.
“Mavcap is more than optimistic about the benefits to be gained by being a part of this fund,” Mavcap chief executive officer and Gobi senior advisor Jamaludin Bujang said.
The other two partners for the growth fund are Korean-based GS Shop and Indonesian-based investment firm PT Mahanusa Capital.
The fund has also announced its first investment into e-commerce startup, Sale Stock – Indonesia’s biggest fashion vertical.