Thinesh Kumar of Lapasar: What Makes a Good VC Fund Manager

When starting a business, founders tend to rely on venture capitalists (VCs) for both capital and guidance. A VC’s role goes beyond just channelling money; instead, it is a long-term commitment with the founders, giving them the resources necessary to grow and succeed.

While a good founder knows when to seek advice and when to trust their instinct, a good VC knows when to offer support and when to step back, letting founders build.

For serial entrepreneur Thinesh Kumar, CEO of business-to-business (B2B) marketplace platform Lapasar, this dynamic relationship between founder and VC is central for startups to build resilient companies.

“People like me are not looking for a cheerleader but someone who can pressure test ideas, give hard truths when needed. A founder’s job is already lonely enough; it helps when your investor feels like a real partner.”

Founded in 2018, the company connects businesses with suppliers via its online marketplace. This makes procurement cheaper and easier, enabling companies to embrace digitisation and go paperless. Its customers range from small businesses to large corporations such as Petronas and Tenaga Nasional.

In 2024, with support from backers including Retirement Fund (Incorporated)(KWAP), Creador, Adaptive Capital Partners, and Dana Impak’s Gobi Dana Impak Ventures, Lapasar raised RM31 million to expand its presence in fast-moving consumer goods (FMCG), where it currently serves more than 6,000 SMEs and restaurants. Jelawang Capital, through MAVCAP’s investment in a VC fund, was also among its early backers in a prior fundraising round.

Founders and VCs: a Two-Way Relationship

In his entrepreneurial journey, Thinesh has seen the growth of Malaysia’s VC ecosystem first hand. He stresses the importance of having a collaborative relationship between founder and VC.

“The good VCs know how to balance instinct with data. They don’t just look at the numbers or trends, they take the time to understand the founder and the problem being solved.”

He argues that healthy ecosystems need diversity among capital allocators, including founder-turned-funders and operators who have scaled.

“Right now, some in the ecosystem still see startups through a purely corporate or financial lens, and that creates a disconnect. We need more people who have actually built stuff. These are founders who have been through the grind, and operators who have scaled,” he says.

Jelawang Capital reaffirms this by backing a diverse set of fund managers under the Emerging Fund Manager’s Programme (EMP), including First Move, led by former serial entrepreneurs.

More VCs mean more opportunities for investment, and just like entrepreneurs, embracing failure is part of the journey. This is how an ecosystem thrives – with experience, networks, and mutual support.

“Because the market evolves, we need new fund managers who see the next wave of opportunity, not just the last one. Every cycle brings fresh perspective & new networks, and that’s how the ecosystem keeps going,” he says.

Jelawang Capital’s Role in Boosting Malaysia VC

Under the EMP, Jelawang Capital supports Malaysian VC fund managers raising their first, second and third fund. The goal is to create regionally competitive managers by strengthening fund governance, building track record and crowding in capital.

By deepening talent and capital, capable VCs can channel funding to startups that form the backbone of Malaysia’s innovation economy.

As part of Dana Impak, we strive to play a catalytic role in strengthening Malaysia’s economic competitiveness over the long term.