Malaysia Venture Capital and Private Equity Association (MVCA) has joined forces with ASEAN Venture Council (AVC) to become part of a larger regional network.
The agreement was signed between MVCA Chairman Shahril Anwar Mohd Yunos and AVC representative Dr. Jeffrey Chi at the ASEAN Venture Summit in Kuala Lumpur yesterday.
Following the deal, AVC will now consist of 4 participating VC associations on board. That is apart from MVCA, this includes Asosiasi Modal Ventura Untuk Startup Indonesia (Amvesindo), Thai Venture Capital Association, and Singapore Venture Capital & Private Equity Association.
Through linking the four national bodies together, AVC is intended to facilitate greater knowledge sharing and collaboration among venture capital firms and early-stage businesses throughout the region, in addition to closing more deals.
On top of that, Malaysia’s participation also comes at a time when their regional venture investments have more than doubled from US$1.3 billion in 2015 to more than US$3 billion in 2016.
Speaking of the deal, MVCA Chairman Shahril Anwar Mohd Yunos said, “the inclusion of MVCA will open up communications with Limited Partners, General Partners, and entrepreneurs across respective countries and provide an effective platform for fundraising, investment syndication, and exit opportunities.”
Established in September 2016, ASEAN Venture Council was initially set up by the Singapore Venture Capital and Private Equity Association with the purpose of creating a coalition to bolster inter-country relations.
It is intended to drive the development of the venture capital industry in a more concerted effort across the region leveraging on each other’s strengths and capabilities – particularly in the areas of events, advocacy, research, education, and deal flow.
Jefri Sirait, the Chairman of Amvesindo explained that “the growth of AVC translates to wider coverage and opportunities for potential deal flows.”
With the addition of MVCA as a new member country, this will strengthen the collaboration between national associations as they leverage on each other’s individual capabilities, synergies, and best practices, which in turn will support the regional entrepreneurial and financial ecosystem across the ASEAN region.
By Vivian Foo, Next Unicorn