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Golden Gate Ventures, a leading Singapore-based venture capital firm, announced today the opening of its Kuala Lumpur office. Having already used a quarter of its Fund II in start-up technology companies based or operating in Malaysia, the company now plans to invest an additional 75 million RM (18 million USD) to support Malaysian start-ups.
The company believes that Malaysia is combining talent, diversity and potential to develop more high value-added technology startups. At the same time, Golden Gate Ventures seeks to establish a physical presence in the country.
"There are many factors that make this country a great place for start-up technology companies," said Vinnie Lauria, Managing Partner at Golden Gate Ventures. "We already have good Malaysian technology companies in our portfolio and we want to find more."
According to the company, Malaysia – as ASEAN's second most developed economy – has solid foundations for sustainably developing its already-dynamic start-up scene, as it also has the introductory rate in highest purse in the region. like a strong digital penetration.
"Malaysia's booming middle-class and business sectors are teeming with tech-savvy, mobile-phone users who are creating demand for advanced IT products and services," said Lauria. "The new government of Malaysia, after winning this year's historic elections, is another positive point. People now feel more optimistic and this feeling extends to the business world. "
The firm also pointed out that the diversity of ethnic and cultural influences of Malaysia was strategic alongside the country's ever-growing economy.
"With the diversity of its inhabitants, its culture and its economy; Malaysia is truly Asia, making it the ideal platform for business development in ASEAN, as products and services created for this market can take advantage of the country's scalability potential, "he said. Justin Hall, Golden's partner. Ventures door. "What this means for a start-up is that" if you can do it in Malaysia, you can do it anywhere in Southeast Asia. "
Kuala Lumpur is the third and last place in Southeast Asia where Golden Gate Ventures is now physically present, after Singapore and Indonesia. To date, the company already has several start-ups in its portfolio, including:
- GoQuo (e-commerce and airline customer relations platforms),
- ServisHero (online market for finding specialists in home repair and maintenance),
- Carousell (purchase and sale of C2C),
- Codapay (mobile payment gateway / online) and
- Tribute (home care platform)
In addition to its regional expansion, Golden Gate Ventures recently closed a $ 100 million III fund and opened a special fund to invest in blockchain technologies and digital currency start-ups. All of the company's investments are made in start-up companies that use computer, Internet and mobile technologies. The company's investment experience is supported by an advisory committee made up of Facebook co-founder Eduardo Saverin.
Image by Indra Gunawan [CC BY 2.0], Via Wikimedia Commons
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