Malaysian property development and construction company Sunway Bhd has established a new venture fund, Sun-SEA Capital with a planned size of $50 million to invest in Southeast Asian and Hong Kong startups.
The fund will be expected to finance startups in Malaysia, Thailand, Singapore, Indonesia, the Philippines, Vietnam and Hong Kong, that specialize in online-to-offline convergence, enterprise solutions, logistics, digital media or entertainment, financial technology and digital health sectors.
The new venture capital fund would enable Sunway to accelerate its digital transformation through investments into digital startups and conduct external fundraising to grow the startups.
Sun SEA Capital will help Sunway Group pursue new innovations by investing in startups with technologies such as IoT, AI, and blockchain towards the sustainability of its businesses.