Source: Tech In Asia

Malaysia-based Vynn Capital announced that local conglomerate Sime Darby and private equity firm AEI Capital have joined the VC firm’s latest fund as limited partners.

With a target of US$30 million, the fund has also attracted investments from Wide Technologies from Indonesia and other limited partners from Malaysia and Singapore.

Vynn Capital is an early-stage VC firm that aims to bridge the gap between traditional industries and new economies. It also helps investors understand new industries and markets through its localized team and network across major cities in Southeast Asia.

With the new fund, Vynn Capital intends to strengthen its presence in Malaysia’s startup ecosystem by providing financial support and industry expertise to startups focusing on areas such as smart mobility, transportation, logistics, and supply chain optimization.

Sime Darby is an industrial conglomerate that operates in a diverse range of businesses, including trading, logistics, and healthcare. The firm is particularly eyeing developments in the mobility space.

“This investment in Vynn Capital is in line with our mobility strategy that aims to future-proof our traditional core businesses against disruptive trends,” said Sime Darby CEO Jeffri Salim Davidson.

Meanwhile, AEI Capital’s role in the fund is to identify “disruptive” businesses and “strong” industry connections in Asia. Its group-wide asset under management (AUM) has exceeded US$1 billion as of the second quarter of 2023.