Voices from the Ecosystem: Why VC Matters for Malaysia’s Future

As Malaysia deepens its push into innovation and venture capital (VC), the work of enabling is giving way to the work of building.  

The vision of transforming the country into a preferred regional VC hub is now being tested on the ground — by fund managers shaping new markets, and founders learning to scale with ambition, going beyond borders to chart a new path. 

500 Global managing partner Khailee Ng is no stranger to the tech ecosystem. He began building websites at the age of 15 and eventually started his own companies as he watched the internet boom and expand rapidly. 

After several successful exits as a founder, Ng moved into angel investing and eventually ended up in Silicon Valley. 

“After meeting 500 Global, a Silicon Valley-based VC firm, I saw an opportunity to bring their brand of VC back to South-East Asia,” he said. 

Ng launched its first fund for South-East Asia in 2014, and some of the early companies they backed include Grab, Carousell, and Carsome - startups with Malaysian founders that eventually grew to become companies valued at over US$1 billion.

Today, he believes the Malaysian startup ecosystem is still in its early innings, and being a VC is not just about investing capital—it’s about building a strong, collaborative ecosystem for all to rise. 

This vision is echoed by AppWorks Chairman and Partner Jamie Lin, who believes that startups should make an effort to regionalise – in terms of exploring new markets, and learning lessons from seasoned international entrepreneurs. 

Essentially, this requires Malaysian entrepreneurs to shift into a ‘can do’ mindset; to build with regional aspirations from the start, while localising in each market. 

As one of Southeast Asia’s leading startups accelerator, Lin says many Malaysian entrepreneurs have joined AppWorks’ accelerator program, benefiting from mentorship and scaling opportunities leveraging its massive regional network. “The 624 active startups in our ecosystem really serve as the best landing pod for startups targeting to go regional,” he says.  

As a founder-turned-funder, Lin understands both the entrepreneurial mindset as well as applying an investors’ lens towards backing founders that are both fundable and scalable.

“We put the founder’s interest before our interest. Because of that, we’ve been able to consistently attract high-quality founders to join us. They in turn benefit from being able to connect with our strong regional network of entrepreneurs. Community is very important, and cross-border sharing of knowledge ultimately benefits the whole ecosystem” Lin says. 

Collektr founder Adlin Yusman understands the trials and tribulations of entrepreneurship, noting that today’s founders are in a fortunate position thanks to better access to capital and liquidity in the local ecosystem.  

The livestream collectibles platform secured its pre-Series A funding last year, bringing its total investment to RM5.74 million. “A VC is critical because it allows you to scale at speed, and you can acquire markets while using the venture funding to multiply your growth, accelerate acquisitions, and develop the technology,” he said.  

A VC will also be able to identify if a business is viable, and in some form, offer mentoring.  “You have to nail the business model, have the right product for the right market, and then raise the money,” he said. 

As the National Fund-of-Funds, Jelawang Capital advances the VC ecosystem by seeding credible fund managers to support the growth of high value startups that will contribute  to Malaysia’s economic complexity. 

To learn more about these transformative efforts, read our Chairman’s thoughts on Jelawang Capital’s mission to ignite a more innovative, connected and self-sustaining national economy here: https://www.thestar.com.my/business/business-news/2025/07/26/malaysias-next-scrabble-move