IP E-Game Ventures’ investment unit eyes $50-million fund with Malaysian firm

A SUBSIDIARY of listed IP E-Game Ventures, Inc. is partnering with a Malaysian investment company to form a $50-million fund for startup investments in the ASEAN.

In a disclosure to the exchange on Tuesday, IP E-Game said its wholly-owned subsidiary New Wave Strategic Holdings Ltd. entered into an initial documentation with Emissary Capital Growth Fund 1 LLP for the plan.

New Wave and Emissary Capital will form a joint venture that will target technology companies with links or presence in Malaysia.

New Wave will have an investment of up to $7.5 million as a limited partner to the fund. Its purpose is primarily to build a stronger Malaysia-Philippines relationship for technology and venture capital, it said.

“We are looking to strengthen the corridor between Malaysia and the Philippines, as well as with the rest of Southeast Asia. Technology businesses today must have a regional outlook and entrepreneurs must demonstrate ability to scale this way,” New Wave Director Enrique Gonzalez said in the statement.

“Our fund is looking to invest in Southeast Asia’s growth companies led by founders that have proved resilience and success,” he added.

The companies said they both look forward to a stronger digital economy as a tool for post-coronavirus recovery. “[T]he investment firms are keeping a bullish outlook on Malaysia and the Philippines as growth hubs, especially for tech-based startups,” the statement said.

New Wave handles more than $40 million of assets under its belt, while Emissary Capital is a boutique investment firm with a focus in the ASEAN. The investment of the two companies is still subject to definitive documentation and closing conditions. — Denise A. Valdez

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