Malaysian pension fund pumps $21m into local startup scene

Photo Credit: KWAP

Kumpulan Wang Persaraan (KWAP), a statutory body that manages the pension scheme for Malaysia’s public employees, has invested a total of 100 million ringgit (around US$21 million) into the local startup scene. This marks the fund’s first set of bets under its Dana Perintis program.

In a statement, the organization said that it invested directly in Lapasar, a digital wholesaler in the FMCG sector, and Bateriku, an app offering services such as car battery replacement and vehicle servicing.

Additionally, KWAP funded two venture capital entities – global early-stage VC firm Antler and Malaysia-based Vynn Capital – both of which plan to boost the local startup landscape.

Established in 2007, KWAP manages contributions from the federal government and relevant agencies.

In September 2023, the retirement fund announced it would invest up to around US$105 million over 18 to 24 months through its Dana Perintis program.

Through this initiative, KWAP said it will mainly focus on six sectors: green economy, financial access, food sustainability, aging population, and efforts to address the climate crisis.

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Currency converted from Malaysian ringgit to US dollar: US$1 = RM4.78.