Jelawang Capital
Jelawang Capital is a Malaysian national venture capital fund vehicle wholly owned by sovereign wealth fund Khazanah Nasional Berhad, deploying RM1 billion via curated local and regional VC fund manager partnerships to catalyze early-stage Malaysian startups.
- Company typePrivate
- Founded2025
- HeadquartersPetaling, Malaysia
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Jelawang Capital does
Jelawang Capital is a Malaysian national venture capital fund vehicle, wholly owned by Khazanah Nasional Berhad, the country's sovereign wealth fund. Launched on June 24, 2025, with an initial RM1 billion (~$240 million) capital commitment under the Ekonomi MADANI framework, the entity operates as a fund-of-funds designed to stimulate Malaysia's underdeveloped venture capital ecosystem and is positioned within the broader Malaysian Venture Capital Roadmap 2024-2030.
Rather than investing directly into startups, Jelawang Capital channels capital through two structured programs: the Emerging Fund Managers' Programme (EMP), which allocates capital to selected local Malaysian VC firms—Vynn Capital, Kairous Capital, and First Move—and the Regional Fund Managers' Initiative (RMI), which partners with established regional players—AppWorks from Taiwan and Granite Asia—to bring cross-border investment expertise and connectivity. The first cohort targets deployment of over RM200 million across approximately 50 companies. By February 2026, Jelawang Capital had invested in more than 10 startups with over MYR 30 million ($7.64 million) deployed, including participation in Aonic's $10 million Series A (drone technology, led by Kairous Capital) and a funding round in ServAuto (automotive aftersales, led by Vynn Capital). Budget 2026 introduced an additional RM750 million in combined investment with KWAP's Dana Perintis.
The revenue model is investment-return based: Jelawang Capital generates returns through equity appreciation and exits (IPOs, acquisitions, secondaries) on portfolio companies accessed via its partner fund managers. As a fund-of-funds vehicle operating in early-stage capital markets with no exits yet disclosed, the entity is in buildout mode, prioritizing ecosystem capacity, deal-flow curation, and capital deployment velocity over near-term realization.
Jelawang Capital firmographics
Firmographics- Name
- Jelawang Capital
- Legal name
- Jelawang Capital
- Website
- https://jelawangcapital.com
- Company type
- Private
- Founded year
- 2025
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Jelawang Capital is a Malaysian national venture capital fund vehicle wholly owned by sovereign wealth fund Khazanah Nasional Berhad, deploying RM1 billion via curated local and regional VC fund manager partnerships to catalyze early-stage Malaysian startups.
- Ownership category
- akta.pro rank
Jelawang Capital industry classification
Industry- Product category
- Venture Capital
- NAICS
- All Other Financial Investment Activities (52399), Funds, Trusts, and Other Financial Vehicles (525)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Venture Capital Fund-of-Funds (FSANAGAC)
- akta.pro secondary industry
- Geography-Focused Venture Capital (Regional/Emerging Markets) (FSANAAAE)
Keywords
Where Jelawang Capital is headquartered
LocationHeadquarters
- HQ city
- Petaling
- HQ country
- Malaysia
- HQ region
- Asia
Markets served
Jelawang Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Operations, Personnel
Revenue model
- Investment returns from portfolio companies: As a VC fund-of-funds structure, Jelawang Capital generates returns through equity appreciation and exits from its investments in portfolio companies via the VC fund managers it partners with. Returns are realized through IPOs, acquisitions, or secondary transactions.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels2 records
Jelawang Capital product offering
Product offeringCore offering
Jelawang Capital is a national venture capital fund vehicle that deploys capital into Malaysian and regional early-stage startups indirectly through selected VC fund managers. It runs the Emerging Fund Managers' Programme (EMP) for local Malaysian VCs and the Regional Fund Managers' Initiative (RMI) for established Asia-Pacific fund managers (AppWorks, Granite Asia), targeting RM 200+ million across the first cohort and RM 1 billion in total committed capital under the Ekonomi MADANI framework.
Product overview
Jelawang Capital is a national venture capital fund vehicle established by Khazanah Nasional Berhad, Malaysia's state-owned sovereign wealth fund. Launched on June 24, 2025, the entity operates investment programs including the Emerging Fund Managers' Programme (EMP) and Regional Fund Managers' Initiative (RMI), through which it deploys capital into Malaysian and regional startups. The company does not offer products or services in the traditional sense but rather provides venture capital funding and ecosystem development support through selected VC fund partners.
Differentiator
Problem solved
Functional benefit
Products and services
- Emerging Fund Managers' Programme (EMP) Capital allocation program that channels investment capital from Jelawang Capital to selected emerging Malaysian VC fund managers, who then deploy funds into early-stage Malaysian startups. Designed for local VC firms seeking anchor capital commitments and government-backed credibility.
- Regional Fund Managers' Initiative (RMI) Capital allocation program that partners with established Asia-Pacific VC firms to provide cross-border deal flow, regional portfolio support, and international expansion expertise for Malaysian startups. Designed for regional fund managers seeking Malaysian market presence and sovereign-backed co-investment partners.
Companies that use Jelawang Capital
Customer profileSegments3 records
Ideal customer profiles2 records
Jelawang Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Jelawang Capital partnerships and signals
Strategic signalScale indicators5 records
Recent moves6 records
Expansion highlights5 records
Jelawang Capital competitors and assessment
Company assessmentBroad incumbents
- Khazanah Nasional Berhad: Malaysia's sovereign wealth fund and Jelawang's parent. Operates a broader strategic investment mandate across multiple asset classes, of which Jelawang is the dedicated VC arm, making it the most direct structural comparable.
- 500 Global: Global emerging-market VC and accelerator platform with deep SEA footprint. Comparable to Jelawang as a platform-style VC operator that seeds emerging managers and invests across early-stage ecosystems.
Direct peers
- KWAP (Kumpulan Wang Persaraan): Malaysian sovereign pension fund that co-deploys RM 750 million with Jelawang via Dana Perintis under Budget 2026. Comparable as a Malaysian state-backed capital allocator entering early-stage VC through partnership structures.
- Malaysia's National Fund-of-Funds: Government vehicle for co-investing in Malaysian VC deals; participated alongside Jelawang in Aonic's Series A. Directly comparable as a parallel Malaysian fund-of-funds platform targeting the same ecosystem.
Emerging players
- Vynn Capital: Malaysian VC firm selected under Jelawang's EMP program and leads deals (e.g., ServAuto) in which Jelawang co-invests. Operates in the same Malaysian early-stage market and shares exposure to the same portfolio companies.
- Kairous Capital: Malaysian VC firm under Jelawang's EMP and lead investor in Aonic's $10M Series A in which Jelawang participated. A direct peer in the Malaysian early-stage VC market with overlapping deal flow.
Regional players
- Openspace Ventures: Southeast Asia-focused VC that co-invested alongside Jelawang in ServAuto. Comparable as a regional early-stage investor overlapping on Malaysian deals and pursuing cross-border SEA exposure.
- East Ventures: Leading Southeast Asia early-stage VC with broad regional mandate. Comparable to Jelawang as a high-volume, ecosystem-building VC operating across SEA markets, though at greater scale and more mature stage.
- Gobi Partners: Pan-Asian VC with strong SEA presence; co-invested with Jelawang in ServAuto. Comparable as a regional early-to-growth VC targeting similar geographies and sectors, with broader geographic scope.
- Wavemaker Partners: Southeast Asia-focused early-stage VC investing across the region. Comparable to Jelawang's regional fund manager partners (AppWorks, Granite Asia) as a SEA-focused platform investor backing early-stage companies.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat4 records
Key risks6 records
Key highlights7 records
Customer concentration
Jelawang Capital social profiles
Digital presenceJelawang Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Jelawang Capital leadership team
Management profileNumber of profiles
Jelawang Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Jelawang Capital M&A and investment
M&A and investmentM&A
Investments2 records
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Jelawang Capital
What does Jelawang Capital do?
Jelawang Capital is a national venture capital fund vehicle that deploys capital into Malaysian and regional early-stage startups indirectly through selected VC fund managers. It runs the Emerging Fund Managers' Programme (EMP) for local Malaysian VCs and the Regional Fund Managers' Initiative (RMI) for established Asia-Pacific fund managers (AppWorks, Granite Asia), targeting RM 200+ million across the first cohort and RM 1 billion in total committed capital under the Ekonomi MADANI framework.
Is Jelawang Capital a public or private company?
Jelawang Capital is a private company. It is classified as state government owned and is currently operating.
When was Jelawang Capital founded?
Jelawang Capital was founded in 2025. It employs 11 to 50 people.
Where is Jelawang Capital based?
Jelawang Capital is headquartered in Petaling, Malaysia, in the Asia region.
How does Jelawang Capital make money?
One revenue line is on record: investment returns from portfolio companies.
Who are Jelawang Capital's main competitors?
Broad incumbents on record are Khazanah Nasional Berhad and 500 Global. Direct peers are KWAP (Kumpulan Wang Persaraan) and Malaysia's National Fund-of-Funds. Emerging players are Vynn Capital and Kairous Capital. Regional players are Openspace Ventures, East Ventures, Gobi Partners and Wavemaker Partners.
Does Jelawang Capital have an API?
No public API is recorded for Jelawang Capital.
What industry is Jelawang Capital in?
Jelawang Capital's product category is Venture Capital. Its primary akta.pro industry code is FSANAGAC, Venture Capital Fund-of-Funds, with a secondary code of FSANAAAE, Geography-Focused Venture Capital (Regional/Emerging Markets). Its NAICS code is 52399 and its SIC code is 6282.