First Move, a founder-led venture capital firm based in Malaysia, announced Tuesday its newest fund anchored by Jelawang Capital, the subsidiary under Malaysia’s sovereign wealth fund, Khazanah Nasional.
First Move said in a statement that this milestone marks a pivotal moment as First Move doubles down on its mission: to back and build Southeast Asia’s next generation of
builders, with a distinct focus on artificial intelligence (AI)-native startups.
As AI transforms how companies are formed, scaled, and operated, First Move is betting on a new wave of founders: domain experts and product-obsessed builders who harness AI as a strategic lever for rapid 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.
It is noted that in just two years, First Move has become one of Southeast Asia’s most active early-stage investors; backing 24 startups across Malaysia, Singapore, Indonesia, and Thailand.
The fund specializes in first cheque investments into high-output founders across AI, healthtech, fintech, enterprise automation, climate, consumer brands and other high-impact sectors. That thesis is already delivering results.
According to Carta’s Q1 2025 benchmarks, which track over 1,700 global venture funds, First Move’s debut fund ranks in the top 1 percent globally for its 2023 vintage, with a 2.4 times of multiple on invested capital (MOIC).
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, anchoring its next chapter, First Move is deepening its model through the launch of a dedicated AI co-building platform in the third quarter 2025 designed to co-create category-defining startups with visionary Chief Executive Officers and top regional talent.
“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’s selection under the Jelawang Capital Emerging Manager Program (EMP) signals strong institutional conviction in its operator-led, hands-on investment approach.
“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.
Founded by 3x exit entrepreneurs Joel Neoh and Audra Pakalnyte who previously built and exited Fave (acquired by Pine Labs), Groupon Asia Pacific, and Says.com – First Move was created to be more than a fund.
It is a founding partner in the earliest stages: a platform that helps the region’s top builders launch smarter, scale faster, and build the companies that will define tomorrow’s Southeast Asian tech economy.
Since launching in 2023, First Move has invested in over 20 startups across sectors including AI, healthtech, fintech, consumer, and enterprise software – often as the first institutional partner.