Malaysian government selects 8 VC firms as part of the PENJANA programme

The PENJANA programme by the Malaysian government will match up to RM600 million on a 1:1 basis with the VC funds, with an initial target of RM1.2 billion.


Alfred Lee

14 Dec, 2020

Malaysian government selects 8 VC firms as part of the PENJANA programme | BEAMSTART News

The Malaysian government has selected 8 venture capital firms to be part of the PENJANA Programme, an initiative to revitalise the country's economy from the COVID-19 pandemic.

Through the PENJANA programme, the government will match up to RM600 million (US $148 million) on a 1:1 basis with investments made by any of the following 8 VC funds, with an initial target of RM1.2 billion (US $296 million). 

“Today, it is my pleasure to welcome the eight VC fund managers that have helped Penjana Kapital exceed its target, with an indicative fund size of RM1.57 billion combined under the programme or RM370 million more than the initial projected allocation,” mentioned Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz. 
Malaysia's Finance Minister Tengku Datuk Seri Zafrul Tengku Abdul Aziz.

A total of 51 firms applied for the programme, where only 8 of them (and their local partners) were selected after careful consideration.

The 8 firms selected and their local partners are as follows:

  • Seed: IMO Ventures / Tenggara Capital
  • Seed: The Hive Southeast Asia / Tuas Capital Partners
  • Series A & B: KB Investment Co / RHL Ventures
  • Series A & B: AC Ventures / Translink / Vertex Force
  • Growth: Emmisary Capital / SB Kaikaku Fund
  • Growth: CMIA Capital Partners / Bintang Capital Partners
  • Venture Debt: Hanhwa Asset Management / KAF Investment Bank
  • Venture Debt: Crewstone International / Bradbury Group
“I welcome these foreign VC fund managers to our shores. Their encouraging participation, through local VC partners, indicates strong interest in flesh prospects for the Malaysian economy and its start-up industry", he adds.

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Alfred Lee

Journalist at BEAMSTART. I write about breaking business news in the region.

Based in Malaysia

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RHL Ventures

RHL Ventures is a private investment firm founded to champion long term growth and support businesses in ASEAN countries.



CMIA Capital Partners

Private equity firm focused on control & growth capital investments in Consumer, Technology & Media.

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