GrandTech, a Digital eXperience Operator (DXO) providing cloud services and various digital experience solutions, has partnered with AC Ventures Malaysia by committing to be a strategic limited partner in the Southeast Asia Frontier Fund LP (SEAFF), a recipient of the Dana Penjana Nasional fund of funds programme.
The fund focuses on supporting early-stage technology companies in Southeast Asia, focusing on Series A to B stages of start-ups. As the digital economy in Southeast Asia rapidly grows, GrandTech and AC Ventures’ partnership brings unparalleled support to rising start-ups.
Through this partnership, GrandTech Cloud Services Inc. (GCS), a subsidiary of GrandTech, will work with the portfolio companies collaboratively and harness its expertise in managing multi-cloud services in helping start-ups optimize their costs as well as unify their cloud asset and subscriptions management, where start-ups can focus on their core business development.
“We are delighted that the opportunity has finally presented itself and that we have found AC Ventures, the right partner. I believe that we have a shared vision to empower entrepreneurs and cultivate unicorns,” said Frankie Hsu, the Founder, Chairman and CEO of GrandTech Group.
“As we all know, cloud technology and adoption are critical for most start-ups. Riding on the cloud will allow them to overcome the majority of the limitations, and with our full backing, start-ups will be enabled to receive full advantages of all the goodness and leading cloud technology.”
AC Ventures has already started deploying funds in Southeast Asia, including two newly minted unicorns in Carsome and Xendit, as well as fast-growing upstarts such as Food Market Hub. Through this new partnership with GrandTech, the focus will also cover SEA technology start-ups with potential for cross-border regional expansion.
“We are excited to collaborate with GrandTech and continue to invest further in the local tech startups. These funds are critical for boosting our start-up ecosystem. By encouraging innovation and providing Malaysian companies with the resources they need, we can help them scale and succeed 2 while also helping them expand to newer markets in the rest of Asia,” said Hann Yeoh, Managing Partner at ACV.
Southeast Asia Frontier Fund LP is one of the eight Venture Capital fund managers selected as part of the Dana Penjana Nasional programme.