First Move, a venture capital firm from Malaysia, announced on Tuesday its newest fund supported by Jelawang Capital, which is part of Malaysia’s government investment group, Khazanah Nasional.
First Move said this is an important step as they focus more on their goal: to support and help grow the next generation of startups in Southeast Asia, especially those working with artificial intelligence (AI).
As AI changes how companies start and grow, First Move is betting on new founders who are experts in their fields and passionate about building products, using AI to create fast innovation and growth.
“AI has changed the equation. We no longer ask how big the team is. We ask how sharp the founder is and how effectively they use AI,
“This fund is about backing these builders early and helping them turn conviction into scalable, category-defining companies,” said Joel Neoh, Founding Partner at First Move.
In just two years, First Move has become one of the most active early-stage investors in Southeast Asia, supporting 24 startups in Malaysia, Singapore, Indonesia, and Thailand.
The fund focuses on making its first investment in founders who work in areas like AI, health tech, fintech, business automation, climate, and consumer brands. This approach is already showing great results.
According to Carta’s Q1 2025 report, which tracks over 1,700 venture funds worldwide, First Move’s first fund is in the top 1% globally for its 2023 group, with 2.4 times the return on the money invested.
Its portfolio companies include Decube (data observability and governance platform); Welling.ai (AI-powered nutrition and weight loss companion); Ourteam.ai (AI-native hiring platform for tech and AI talent); Shieldbase.ai (AI operating system for enterprises to automate knowledge and
workflows); 3cat (circular commerce infrastructure for electronics).
With Jelawang Capital supporting its next phase, First Move is strengthening its approach by launching a special AI co-building platform in the third quarter of 2025. This platform will help create top startups together with visionary CEOs and the best talent in the region.
“We’re entering into a new era of company creation,
“Our builder platform allows us to partner from day zero, combining capital, technical talent, and deep domain expertise to build AI-native companies from the ground up,” said Audra Pakalnyte, General Partner at First Move.
First Move being chosen for the Jelawang Capital Emerging Manager Program (EMP) shows that big investors trust their active, hands-on way of helping startups grow.
“We began with a systems-driven approach to ecosystem building and, through the Emerging Fund Managers’ Program (EMP), we are excited to support the next generation of Malaysian fund managers – while deepening the pipeline of quality founders shaping our future economy,” said Hisham Hamdan, Chairman of Jelawang Capital.
First Move was started by Joel Neoh and Audra Pakalnyte, who have successfully built and sold companies like Fave, Groupon Asia Pacific, and Says.com.
First Move is not just a fund — it is a partner that helps the best entrepreneurs in Southeast Asia start smarter, grow faster, and build the companies that will shape the future of the region’s tech scene.
Since it began in 2023, First Move has invested in over 20 startups in areas like AI, health tech, fintech, consumer products, and business software, often being the first big investor to support them.
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