500 Global backs debut fund from Singapore's First Move

First Move has not declared a target for the fund but said it expected to invest up to USD 100,000 in 15-20 companies in 2023 alone. A consumer technology-focused angel syndicate affiliated with the firm also contributed to the fund.

First Move was set up earlier this year by Joel Neoh and Audra Pakalnyte (pictured left to right). Neoh founded Fave in 2015; Pakalnyte joined the start-up the same year, going on to head various departments such as the buy-now, pay-later business.

Fave raised more than USD 35m from the likes of 500 Global and Sequoia Capital India before being acquired by Indian payments start-up Pine Labs in 2021 for USD 45m. Neoh and Pakalnyte continued working for Fave until March 2023.

First Move takes a founder-focused approach to consumer start-up investment with the expectation that there will be adjacencies in financial technology, healthcare, and sustainability-related themes. It said it would look to partner with other VC firms in the region, including 500 Global.

"Southeast Asia is seeing the compounding effect of having multiple generations of successful founders backing future founders,” Khailee Ng, a managing partner at 500 Global.

“Angel syndicates and founder-led funds like these are crucial allies as 500 Global continues to invest across seed and growth stages of our region’s best companies. Collaborating with First Move propels the very best builders I know, Joel and Audra, to launch the next generation of founders.”

Neoh has invested in more than 20 start-ups to date in his personal capacity. They include Hong Kong-based genetic testing company Prenetics, which went public last year through a merger with a US-listed special purpose acquisition company (SPAC) and appointed Neoh as its chief commercial officer earlier this year. Prenetics is also backed by 500 Global.

First Move’s fund has made seven investments to date across Singapore, Indonesia, and Malaysia. They include coconut beverage maker Giggly Coco, perfume company Scentses & Co, collectables marketplace Collektr, DTC service provider Evolut Commerce, and data management platform Decube.

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• Topics
• Southeast Asia
• Fundraising
• Venture
• GPs
• Technology
• Consumer
• Singapore
• Malaysia
• 500 Startups
• seed