Founder-led venture capital firm First Move has launched its latest fund, anchored by Jelawang Capital, the investment arm under Khazanah Nasional, Malaysia’s sovereign wealth fund. This marks a major milestone for First Move as it accelerates its mission to back and build Southeast Asia’s next generation of high-impact, AI-native startups.
As artificial intelligence reshapes how businesses are built and scaled, First Move is placing a bold bet on a new wave of founders: domain experts and product-obsessed builders who wield AI as a core strategic lever for rapid innovation and growth.
“AI has changed the equation,” said Joel Neoh, Founding Partner at First Move.
“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.”
Since launching in 2023, First Move has rapidly become one of Southeast Asia’s most active early-stage investors, backing 24 startups across Malaysia, Singapore, Indonesia, and Thailand. Its thesis: make the first cheque count by investing in high-output founders across sectors like AI, healthtech, fintech, enterprise automation, climate, and consumer tech.
That strategy is already showing results. According to Carta’s Q1 2025 venture benchmarks, First Move’s debut fund ranks in the top 1% globally for its vintage year, posting a 2.4x MOIC. Notable portfolio companies include:
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Decube – Data observability and governance platform
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Welling.ai – AI-powered nutrition and weight loss companion
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Ourteam.ai – AI-native hiring platform for tech and AI talent
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Shieldbase.ai – AI operating system for enterprise automation
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3cat – Circular commerce infrastructure for electronics
With Jelawang Capital’s anchor investment, First Move is doubling down. The firm will launch a dedicated AI co-building platform in Q3 2025, aimed at co-creating category-defining companies with visionary founders and top regional talent.
“We’re entering into a new era of company creation,” said Audra Pakalnyte, General Partner at First Move.
“Our builder platform allows us to partner from day zero—combining capital, technical talent, and domain expertise to build AI-native companies from the ground up.”
First Move’s selection under the Jelawang Capital Emerging Manager Program (EMP) reflects strong institutional belief in its operator-led, hands-on approach to venture investing.
“We began with a systems-driven approach to ecosystem building,” said Datuk Hisham Hamdan, Chairman of Jelawang Capital.
“Through the EMP, we are excited to support the next generation of Malaysian fund managers—while deepening the pipeline of quality founders shaping our future economy.”
Founded by serial 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 designed to be more than a fund. It is a founding partner—helping Southeast Asia’s top builders launch smarter, scale faster, and shape the region’s tech economy of tomorrow.