Gobi raises $10m for Asia seed fund

This is Gobi’s second seed fund for the market; its first closed on MYR 60m (USD 13.1m) in 2016. That fund also received support from Mavcap, a wing of the Ministry of Science active in direct and LP investments around the domestic technology sector.

Fund II will invest in up to 25 technology-enabled local start-ups in artificial intelligence, big data, cloud, e-commerce, financial technology, internet-of-things, and Halal economy-focused segments. Targets are expected to have the capability to bring sizeable returns to the Malaysian economy.

It has made four investments since launch in late 2020. They include insurance-tech start-up PolicyStreet, property rental platform Speedhome, technology news platform TechNode, and Sunway Innovation Labs, a unit of Sunway Group and Sunway University

This is Allianz Malaysia’s first LP commitment to a VC firm. The insurance company has ramped up its exposure to technology in recent years and also counts PolicyStreet and Speedhome as portfolio companies.

“Allianz Malaysia is one of the very few corporates that has been at the forefront in driving digital innovation in Malaysia, and as one of the earliest regional VCs to set up shop in Malaysia, Gobi is very proud to have them on board as one of our key LPs,” Thomas Tsao, co-founder and chairman of Gobi, said in a statement.

Headquartered in Kuala Lumpur and Hong Kong, Gobi has USD 1.5bn in assets under management across Asia. It has raised 15 funds since its inception in 2002 and backed more than 320 start-ups, nine of which are said to have become unicorns.

The firm also has bases in Bangkok, Beijing, Guangzhou, Ho Chi Minh City, Jakarta, Karachi, Lahore, Manila, Riyadh, Shanghai, Shenzhen, Singapore, and Surabaya.

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• Topics
• Southeast Asia
• Fundraising
• Venture
• Technology
• Malaysia
• Gobi Partners
• Allianz
• seed