Miguel Cordon · · 2 min readEx-JobStreet exec co-launches 1337 Ventures’ new fund
Malaysia-based 1337 Ventures has launched a 1.2 million ringgit (US$287,000) fund co-funded by former JobStreet COO Suresh Thiru and seasoned venture capitalist Asgari Stephens.
Former JobStreet COO Suresh Thiru / Photo credit: 1337 Ventures
The company said its 1337 Accelerator Fund I aims to invest in seed-stage Malaysian startups across any industry. The VC itself will act as the general partner of the fund and will be in charge of startup screening and portfolio management, among others.
The new fund plans to ink eight deals throughout the year, with a maximum ticket size of 150,000 ringgit (almost US$36,000). In addition, 1337 Ventures will help the fund’s portfolio of startups raise more capital for their seed rounds, if necessary.
“It’s more than just the funding, it is also about the steady direction from our team to help startups raise a larger seed round, and with Suresh and Asgari being their advisors, these startups are all equipped to scale up their business,” said Bikesh Lakhmichand, CEO and founding partner of 1337 Ventures.
The company added that in 2021, it had disbursed over US$310,000 in funding to both early-stage and later seed-stage companies. It plans to continue with its early investments strategy this year, while also doubling down on teams participating in its Alpha Startups Pre-Accelerator program.
See also: Are Malaysia’s startup efforts finally paying off?
Currency converted from Malaysian ringgit to US dollar: US$1 = 4.19 ringgit.
Editing by Collin Furtado and Lorenzo Kyle Subido
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