Key Takeaways
- • Jelawang Capital and Dana Perintis jointly channeled RM588 million into Malaysian startups during 2025, targeting consumer, digital, agritech, and edtech sectors across the venture stage.
- • The combined investment initiative has supported more than 130 Malaysian startups since 2020, including nearly 30 Bumiputera-focused businesses through June 2026, demonstrating sustained commitment to inclusive entrepreneurship.
- • The funding deployment operates under the Government-Linked Enterprises Activation and Reform Programme (GEAR-uP), a structured initiative led by Khazanah Nasional Bhd and the Retirement Fund Inc (KWAP) with Ministry of Finance coordination.
- • Jelawang Capital functions as a national fund-of-funds vehicle designed to empower Malaysia's startup ecosystem as part of Khazanah's Dana Impak (impact investment) efforts, representing strategic state-backed venture capital infrastructure.
Summary
Khazanah Nasional Bhd's Jelawang Capital and the Retirement Fund Inc's (KWAP) Dana Perintis deployed RM588 million into Malaysian startups during 2025, reinforcing the country's institutional venture capital framework. The combined investment targeted early-stage companies across four primary sectors: consumer, digital services, agritech, and education technology (edtech), positioning the capital toward high-growth opportunity areas within the Malaysian startup ecosystem.
The initiative operates as part of the Government-Linked Enterprises Activation and Reform Programme (GEAR-uP), a structured venture funding vehicle coordinated by the Ministry of Finance. According to the Ministry's assessment, the program has supported more than 130 Malaysian startups cumulatively between 2020 and June 2026, with nearly 30 of these receiving Bumiputera-focused investments. This allocation reflects deliberate policy alignment with Malaysia's broader inclusivity objectives within entrepreneurial capital distribution.
Jelawang Capital was established by Khazanah as a national fund-of-funds mechanism designed to strengthen Malaysia's startup ecosystem infrastructure. By channeling institutional capital through Dana Perintis, the structure creates a two-tier investment approach wherein KWAP's retirement fund capital—typically deployed for long-term, diversified returns—gains exposure to venture-stage equity while Jelawang Capital coordinates broader ecosystem development. This architecture aligns with Khazanah's Dana Impak mandate, which emphasizes impact-driven returns alongside financial performance.
The 2025 deployment of RM588 million represents continued institutional commitment to Malaysian venture markets, signaling confidence in the domestic startup pipeline despite regional competition for venture capital. The concentration of support across consumer, digital, and agritech sectors reflects sector-specific growth trajectories and alignment with Malaysia's broader economic diversification priorities.
The initiative operates as part of the Government-Linked Enterprises Activation and Reform Programme (GEAR-uP), a structured venture funding vehicle coordinated by the Ministry of Finance. According to the Ministry's assessment, the program has supported more than 130 Malaysian startups cumulatively between 2020 and June 2026, with nearly 30 of these receiving Bumiputera-focused investments. This allocation reflects deliberate policy alignment with Malaysia's broader inclusivity objectives within entrepreneurial capital distribution.
Jelawang Capital was established by Khazanah as a national fund-of-funds mechanism designed to strengthen Malaysia's startup ecosystem infrastructure. By channeling institutional capital through Dana Perintis, the structure creates a two-tier investment approach wherein KWAP's retirement fund capital—typically deployed for long-term, diversified returns—gains exposure to venture-stage equity while Jelawang Capital coordinates broader ecosystem development. This architecture aligns with Khazanah's Dana Impak mandate, which emphasizes impact-driven returns alongside financial performance.
The 2025 deployment of RM588 million represents continued institutional commitment to Malaysian venture markets, signaling confidence in the domestic startup pipeline despite regional competition for venture capital. The concentration of support across consumer, digital, and agritech sectors reflects sector-specific growth trajectories and alignment with Malaysia's broader economic diversification priorities.
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