Philippines-based IP E-Game Ventures’ subsidiary New Wave has signed announced it has signed an agreement with Malaysia’s boutique investment firm Emissary Capital to launch a US$50-million fund to invest in ASEAN startups in a press statement.
The fund which has been dubbed Emissary Capital Growth Fund 1 aims to strengthen collaboration between startups in the region with a primary focus on Malaysian and Philippine market.
According to the release, New Wave will invest up to US$7.5 million in the new fund as a Limited Partner while the two firms form a joint venture to serve as General Partners to steer the fund’s investments.
“We are looking to strengthen the corridor between Malaysia and the Philippines, as well as with the rest of Southeast Asia. Technology businesses today must have a regional outlook and entrepreneurs must demonstrate the ability to scale this way,” said Enrique Gonzalez, Director, New Wave.
“Our fund is looking to invest in Southeast Asia’s growth companies led by founders that have proved resilience and success,” he added.