Gabriel Budi Sutrisno · · 1 min readMalaysia’s Penjana Kapital links up with Taiwan govt to invest in deeptech sector
Penjana Kapital CEO Taufiq Iskandar (left) and AIIDA chairman Kunlun Lien / Photo credit: Tech in Asia
Penjana Kapital, Malaysia’s government-owned fund of funds, has partnered with Taiwan’s APAC Investment and Innovation Development Association (AIIDA) to invest in Asia’s deeptech sector.
The two parties signed a memorandum of understanding at the closure of a gaming convention held by Round Ventures, the investment subsidiary of South Korean gaming firm GXC.
Taufiq Iskandar, CEO of Penjana Kapital, told Tech in Asia during the event that its new partnership with AIIDA will promote the cross-border expansion of Malaysian startups to Taiwan and vice versa.
He added that Penjana Kapital also looks to invest in gaming venture funds like Round Ventures through the partnership.
According to Rick Nahm, Round Ventures’ general partner and CEO, Penjana Kapital has signed a letter of intent to invest in Round Ventures – indicating a “soft commitment.”
In line with this, Round Ventures has increased its fund target from last year’s US$40 million to US$80 million. Nahm said that it plans to make its first round of investments by next year.
See also: Line- and Kakao-backed Web3 gaming firm makes $8m while staying profitable
Editing by Miguel Cordon and Lorenzo Kyle Subido
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