'First Move' launches pre-seed fund to support consumer-focused startups in Southeast Asia
By Digital News Asia July 4, 2023
- Ex-Fave leaders, Audra Pakalnyte and Joel Neoh launch fund
- Provides pre-seed funding of up to US$100k and mentorship
Former Fave executives Audra Pakalnyte and Joel Neoh have officially launched First Move, a founder-led early stage fund for consumer-focused startups across Southeast Asia. The fund, which did not disclose its fund size though market talk has it pegged at between US$3 million to US$4 million (RM13.9 million to RM18.6 million), provides pre-seed funding of up to US$100,000 (RM466,000), aiming for between 15 to 20 consumer startups. It already has a portfolio of seven companies in Singapore, Malaysia, and Indonesia, some of which have not been launched even.
[Ed: Para updated with additional information.]
Audra, a partner of First Move, says, "We believe in providing guidance, mentorship, and access to a vast network of industry connections which is crucial in the early stages to get on the right path".
Joel, a partner of First Move, says, "Now, with First Move, we are committed to paying it forward, supporting founders, being companions on their journey and filling the crucial gap of early-stage support in Southeast Asia."
In addition to providing direct funding to startups - fast, First Move is actively partnering with other regional venture capital firms, including 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," shared Khailee Ng, Managing Partner at 500 Global.
Meanwhile, First Move has also established the Consumer Tech Angel Syndicate, a group of experienced founders and executives in the consumer space. Angel Syndicate members, including founders and senior executives from D2C, e-commerce, mobility and fintech scale-ups across Southeast Asia, will co-invest in First Move deals. They will also provide hands-on support and counsel to the startups.
First Move actively invests and invites entrepreneurs working on innovative and disruptive consumer startups to submit their applications. For more information please visit First Move.
Update on 8 Aug. [Ed: In a media report in early August First Mover disclosed the names of the startups it has invested in - Giggly Coco, Scentses & Co, Collektr, Evolut Commerce, TjuFu, and Decube while declining to name a Malaysian coffee company they have invested in.]
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