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Malaysia’s First Move, a founder-led venture capital firm, has secured Jelawang Capital — the venture arm of Khazanah Nasional — as the anchor investor for its newest fund.
The goal? To supercharge Southeast Asia’s next generation of AI-native startups and the visionaries behind them.
With AI transforming how companies are created and scaled, First Move is doubling down on builders who see AI not as a tool, but as a game-changer. The firm plans to launch an AI co-build platform later this year that pairs capital with technical talent and domain expertise, helping founders create startups that could shape the region’s future tech economy.
“We’re entering into a new era of company creation,” said First Move general partner Audra Pakalnyte.
“This platform lets us partner from day zero to build smarter, faster, and better.”
A top-performing fund with big regional ambitions
First Move isn’t just talking the talk. In just two years, it has backed 24 startups across Malaysia, Singapore, Indonesia, and Thailand — spanning AI, fintech, healthtech, climate solutions, and more.
And its bets are paying off: its debut fund is ranked in the top 1% globally for 2023 vintage funds, according to Carta’s latest benchmarks.
Some of its standout portfolio companies include Decube (data observability), Welling.ai (AI-driven nutrition and weight loss support), Ourteam.ai (AI-powered hiring platform), Shieldbase.ai (AI operating system for enterprises), and 3cat (circular commerce for electronics).
“AI has changed the equation,” said Joel Neoh, First Move’s founding partner. “We no longer ask how big the team is. We ask how sharp the founder is, and how effectively they use AI.”
Khazanah’s venture arm is backing the future
The fund’s anchor investor, Jelawang Capital, is supporting First Move as part of its Emerging Manager Program, aimed at cultivating the next wave of top fund managers in Malaysia.
“We’re excited to support the next generation of Malaysian fund managers while strengthening the pipeline of founders shaping our future economy,” said Datuk Hisham Hamdan, chairman of Jelawang Capital.
First Move’s co-founders Neoh and Pakalnyte are serial entrepreneurs, best known for building and exiting startups like Fave, Groupon Asia Pacific, and SAYS.
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Cover image sourced from First Move.
