KUALA LUMPUR (Feb 16): Retirement Fund (Inc) (KWAP) announced its first batch of investments, totalling RM100 million, in two local startups and two venture capital (VC) fund commitments under its Dana Perintis strategy.

In a statement on Friday, KWAP said the investments in the two startups, namely Bateriku (M) Sdn Bhd and Lapasar Sdn Bhd, were aimed at supporting their growth and expansion plans.

According to KWAP, Bateriku is a rapidly growing automotive service provider with a network of partners nationwide, while Lapasar is an online wholesale marketplace that targets the fast-moving consumer goods (FMCG) industry.

Additionally, the pension fund made commitments to two venture capital funds, namely Vynn Capital and Antler.

It stated that Vynn Capital is a home-grown fund specialising in seed-stage investments with a focus on the mobility and supply chain sectors, while Antler is recognised as the world's most active early-stage VC from pre-seed to Series A and beyond.

“Antler recently expanded its flagship residency programme to Malaysia, designed to support founders to get their startups launched and funded.

“These are the first in a portfolio of fund investments that will be carefully curated to inject capital into sections of the local ecosystem that most require it,” it said.

However, KWAP did not disclose the exact allocation for each venture.

KWAP’s chief investment officer Hazman Hilmi Sallahuddin expressed confidence in the prospects and potential of the investment in these four entities.

“With the emergence of attractive opportunities within the Malaysian startup ecosystem, we are pleased to announce Dana Perintis’ inaugural investments. There will be more investments and announcements to come, as KWAP continues its rollout of Dana Perintis,” he said in a statement.

KWAP noted that the four investments align with the six focus areas of Dana Perintis, which include the digital economy, financial inclusion, food security, education, silver economy, and climate change.

Dana Perintis was launched in September 2023 with a targeted total deployment of RM500 million. It aimed to accelerate the development of the Malaysian early-stage ecosystem while generating strong returns for beneficiaries through investments in startups and VC funds.