Malaysian firm Kenanga Investor launched a new firm to support unicorn startups

Kenanga Investor is a part of Kenanga Investment Bank Berhad that backs online brokerage platform Rakuten Trade

Malaysian investment firm Kenanga Investor launched a new fund named Kenanga Global Unicorn 1 (KGU1), targeting unicorn startups that are nearing IPO, The Star Online reports.

The new fund will be managed by Ericsenz Capital, a Singapore-based private equity and VC firm, focusing on high growth middle-market companies in the technology, healthcare, consumer, and energy sectors.

KGU1 claims to be the first of its kind in Malaysia, aiming to give access to everyday investors so they can take part in the rapid development of maturing startups. Investors can invest in both Malaysian ringgit or US dollar, starting from MYR 100.000 or USD 25.000. It did not reveal a targeted fund size.

Kenanga Investor is a subsidiary of Kenanga Investment Bank Berhad (KIBB), Malaysia’s largest independent investment bank. Kenanga’s digital footprint in the country covers Rakuten Trade, Malaysia’s first online equities broker. Rakuten Trade is a joint venture between KIBB and Japan’s Rakuten Securities, Inc, part of Rakuten Group.

The platform allows investors to open an account within two hours, top up available funds through bank transfer and have access to real-time market price feeds. Rakuten Trade has generated almost RM 5 billion or USD 1.1 billion and has 32.500 accounts since it was founded in 2017.

Besides Rakuten Trade, KIBB also collaborates with Mimos, Malaysia’s R&D center for information and communication technology. The strategic partnership aims to advance fintech innovation, especially in the investment banking space in Malaysia through knowledge exchange, field testing and training between both parties.