Active but indirectVenture CapitalIndirect (via fund / GP)
KWAP — Dana Perintis (VC Early-Stage Fund)
Venture Capital (Direct + Fund of Funds)
Early-stage VC fund investing in Malaysian seed-to-Series-A tech startups, directly and via VC funds, including chip design and photonics.
Active but indirect — RM500M+ committed (boosted to RM750M combined with Jelawang, Budget 2026). Invests in Malaysian VC funds and directly in early-stage companies. Access via VC funds backed by KWAP, not direct corporate application.
Financial Parameters
- Total pool / mandate
- RM500 million (combined with Jelawang at RM750M post Budget 2026)
- Ticket size
- RM500,000 (direct startup investment) – RM20 million (via VC fund or direct)
- Cost of capital
- VC-style equity returns; no fixed cost to startup — dilution; KWAP targets portfolio-level IRR of 15%+
- Tenure
- 7–10 years (venture investment horizon)
- Grace period
- N/A (equity)
- Shariah-compliant
- Both
Focus Areas
- Value chain segments
- IC Design & Embedded SystemsAdvanced Materials & SubstratesEquipment Manufacturing / Automation
- Use of proceeds
- R&DCommercialisationTalent
- Company stage
- Pre-revenueEarly revenue (Seed–Series A)
Eligibility
- Ownership requirement
- Malaysian startup or Malaysian-incorporated entity; majority Malaysian-founded preferred
Pre-revenue to early revenue (Seed to Series A); high-growth scalable tech
Application
- Application cycle
- Annual VC fund selection rounds; occasional direct co-investments with GPs
Background
- Example recipients
- Tech startups in semiconductor EDA tools, photonics, AI chip design
- Notes / source
- Launched Sep 2023. Source: Startup Genome, Jelawang Capital, TNGlobal