About Mavcap
Mavcap is a venture capital firm founded in 2001. It is primarily based out of Kuala Lumpur, Malaysia. As of Apr 2021, Mavcap has invested in 95 companies. It primarily invests in Seed round in Malaysia based startups. Its investments are spread across a wide range of sectors from Enterprise Applications to Consumer and FinTech. Most recently it participated in the $***** Seed round of AVANA Overall, Mavcap portfolio has seen 3 unicorns, 3 IPOs and 10 acquisitions including key companies like Grab, Airwallex and Carousell. A lot of funds co-invest with Mavcap, with names like Drone Fund sharing a substantial percentage of its portfolio. Mavcap has team of 6 people including 1 partners.Key Metrics
Mavcap's List of Top Investments
Mavcap has a portfolio of 95 companies, including 3 unicorns. Their most notable investments are in Scrawl Studios and Select-TV.Their portfolio spans across Malaysia, Singapore, Indonesia and 10 more locations. They have invested in Enterprise Applications, Consumer, FinTech and 29 other sectors, across stages such as Seed, Series A and 1 more. Here is the list of top investments by Mavcap:1. Grab
Operator of a platform providing ride-hailing, food delivery, and payment services. The platform offers options for transportation, on-demand delivery, and various financial solutions. It facilitates connections between consumers, drivers, and merchants. The platform also provides tools and resources for business and enterprise clients.
Key facts about Grab
- Founded Year: 2012
- Location: Singapore (Singapore)
- Annual Revenue: SGD 1B+ as on Dec 31, 2025
- Stage: Public
- Total Funding till date: $10.4B
- Employee Count: 57,733 as on Jul 31, 2026
- Investors: Glean Management, Toyota and 108 Others
- Latest Funding Round: Post IPO, Jul 27, 2021, $*****
- Highlight: Public
2. Airwallex
Provider of financial infrastructure for processing payments and managing treasury. This platform enables businesses to accept payments, issue corporate cards, and manage expenses through integrated software. It facilitates currency conversion, international fund transfers, and automated billing processes. The system provides application programming interfaces for embedding financial services into other software products. It supports account management, payout distribution, and reconciliation workflows for commercial operations.
Key facts about Airwallex
- Founded Year: 2015
- Location: San Francisco (United States)
- Valuation: $*****
- Stage: Series H
- Total Funding till date: $1.9B
- Employee Count: 2,947 as on Sep 30, 2026
- Investors: T. Rowe Price, Baillie Gifford and 52 Others
- Latest Funding Round: Series H, Jun 25, 2026, $*****
- Highlight: Editors' Pick
3. Carousell
Online marketplace platform offering multi-category second-hand products. The product catalog includes fashion, stationery, gadgets, home appliances, furniture, food supplies, pet supplies, sports equipment, and more. It also provides job, home services, lifestyle services, and more. The application is available on both iOS and Android platforms.
Key facts about Carousell
- Founded Year: 2012
- Location: Singapore (Singapore)
- Annual Revenue: $100M - $500M as on Dec 31, 2023
- Valuation: $*****
- Stage: Series E
- Total Funding till date: $376M
- Employee Count: 1,231 as on Aug 31, 2026
- Investors: Rakuten, Olx Group and 20 Others
- Latest Funding Round: Series E, Sep 04, 2023, $*****
- Highlight: Editors' Pick
4. Bukalapak
Online marketplace platform offering multi-category consumer products on flash sales. The product catalog includes beauty care, fashion, electronics, sports, health care, home care, groceries, stationery, pet products, and more. Its app is available on Android and iOS platforms.
Key facts about Bukalapak
- Founded Year: 2010
- Location: Jakarta (Indonesia)
- Stage: Public
- Total Funding till date: $584M
- Employee Count: 1,397 as on May 31, 2026
- Investors: GIC, Sarissa Capital and 24 Others
- Latest Funding Round: Series G, Apr 14, 2021, $*****
- Highlight: Public
5. Fave
Provider of mobile applications facilitating merchant deals and cashback rewards. This platform enables users to purchase vouchers for food, spa, and fitness services. It integrates payment processing and loyalty programs to manage consumer transactions. The application connects individuals with retail businesses through digital discount offerings and transaction incentives.
Key facts about Fave
- Founded Year: 2015
- Location: Kuala Lumpur (Malaysia)
- Annual Revenue: $1M - $10M as on Dec 31, 2018
- Last Known Valuation: $*****
- Stage: Acquired
- Total Funding till date: $32M
- Employee Count: 818 as on Sep 30, 2026
- Investors: Innoven Capital, 500 Durians and 8 Others
- Latest Funding Round: Series B, Jul 22, 2020, $*****
- Highlight: Acquired
Mavcap's Year-on-Year Investment Trends
Mavcap has invested in 95 companies over the last 19 years, with an average of 0 new investment annually in the last 10 years. Its most recent first time investment was in TheLorry and most recent follow-on round was in AVANA.Year | No. of Investments | ||
|---|---|---|---|
1st Round | Follow-on | Total | |
2026 (YTD) | 0 | 0 | 0 |
2025 | 0 | 0 | 0 |
2024 | 0 | 0 | 0 |
2023 | 0 | 0 | 0 |
2022 | 0 | 0 | 0 |
2021 | 0 | 1 | 1 |
2020 | 1 | 0 | 1 |
2019 | 1 | 2 | 3 |
2018 | 0 | 0 | 0 |
2017 | 1 | 0 | 1 |
Mavcap's Investments by Stage
Mavcap has made 4 investments in Seed stage with an average round size of $845K, 3 investments in Series A stage with an average round size of $3.05M and 2 investments in Series B stage with an average round size of $8.01M.Stage of entry | No. of Investments |
|---|---|
Seed | 4 |
Series A | 3 |
Series B | 2 |
Note: We have considered here, only first round of investments
Mavcap's Investments by Sector
Mavcap has a diverse portfolio, with companies operating in the Enterprise Applications, High Tech, Media & Entertainment, Vertical SaaS and Aerospace, Maritime and Defense Tech. Notably, it has invested in 79 Tech companies, 53 Enterprise (B2B) companies, 45 Consumer (B2C) companies and at least 40 companies focusing on Software.Sector | No. of Investments |
|---|---|
Enterprise Applications | 2 |
High Tech | 2 |
Media & Entertainment | 2 |
Vertical SaaS | 2 |
Aerospace, Maritime and Defense Tech | 1 |
Others | 10 |
Note: We have considered here, only first round of investments
Mavcap's Investments by Geography
Mavcap has made most investments in Malaysia (6), followed by Singapore where it has made 2 investments.Country | No. of Investments |
|---|---|
Malaysia | 6 |
Singapore | 2 |
United Kingdom | 1 |
Note: We have considered here, only first round of investments
Mavcap's recent investments
Mavcap has not made any investment in 2026 so far.Here are the most recent investments by Mavcap:
Filter this listDate | Company | Location | Round Details | Round Amount | Co-Investors |
|---|---|---|---|---|---|
Apr 29, 2021 | Malaysia | Seed | 3200 | - | |
Nov 18, 2020 | Malaysia | Series B | 1218 | ||
Oct 25, 2019 | Malaysia | Seed | 5619 | ||
Apr 10, 2019 | Malaysia | Series A | 9668 | ||
Feb 11, 2019 | Malaysia | Seed | 4839 | [+1] |
Unicorns in Mavcap's Portfolio
Mavcap has 3 unicorns in its portfolio - Carousell, CARSOME and Airwallex. The most recent unicorn in their portfolio is Carousell. It became a unicorn in 2021, 5 years before Mavcap first invested in it.Here is a list of unicorns in Mavcap's portfolio:
Tracxn Score | Company | Short Description | Founded year | Sector | Location | Company Stage | First Investment/ Acquisition Details |
|---|---|---|---|---|---|---|---|
83 | Online marketplace platform offering multi-category second-hand products | 2012 | Singapore | Series E | qwuyzys | ||
57 | App based marketplace for used cars | 2015 | Petaling Jaya | Series F | ifojkgt | ||
84 | Provider of financial infrastructure for processing payments and managing treasury | 2015 | San Francisco | Series H | lmcrigz |
IPOs and Publicly Listed companies in Mavcap's Portfolio
3 of Mavcap's portfolio companies have become public. Grab got listed on the National Association of Securities Dealers Automated Quotations (NASDAQ), in Dec 2021 at marketcap of $40B and Bukalapak got listed on the Indonesia Stock Exchange (IDX) at marketcap of $6.06B.Here are Mavcap's portfolio companies that went public:
Company | IPO Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Dec 01, 2021 | - | - | 2393 | |
Aug 06, 2021 | - | - | 3421 | |
Dec 18, 2008 | - | - | 7313 |
Acquired companies in Mavcap's Portfolio
10 companies from Mavcap's portfolio have been acquired. The most recent acquisition was YouthsToday in Feb 2026 by Xamble Creators for $*****.Here are Mavcap's portfolio companies that got acquired most recently:
Company | Acquisition Date | First Invested on | First Round of Investment | Round Size |
|---|---|---|---|---|
Feb 09, 2026 | - | - | 9752 | |
Jan 07, 2026 | - | - | 1328 | |
Jun 20, 2025 | Dec 2015 | Seed | 2642 | |
Oct 22, 2024 | - | - | 3009 | |
Sep 06, 2024 | - | - | 2169 |
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Team profile of Mavcap
Mavcap has a team of 6 members including 1 Partner and 2 Principals located in Malaysia. Mavcap's team does not sit on the board of any company as of now.Here is a list of all team members in Mavcap:
Name | Designation | Location | Board Memberships | Contact Details |
|---|---|---|---|---|
Partner | Malaysia | - | - | |
Principal | Kuala Lumpur | - | ||
Principal | Malaysia | - | - |
Co-investors of Mavcap
Over the past 19 years, 58 investors have co-invested in Mavcap's portfolio companies. This includes funds and angels.
- Invested before Mavcap: CSV, TERRA and 18 others have invested in rounds before Mavcap. There are 2 companies where CSV has invested before Mavcap and 1 company where TERRA has invested before Mavcap.
- Top Co-investors of Mavcap: 10 investors entered a company along with Mavcap. These include investors like Drone Fund (1 company).
- Invested after Mavcap: A total of 28 investors have invested in Mavcap's portfolio after their investments. Top Investors include Aarudhra Giri (1 company), Cibi Kathic Chandran (1 company) and Chandran Nachimuthu (1 company).
Recent News related to Mavcap
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Khazanah completes acquisitions of Mavcap and Penjana KapitalThe Star Online•Jul 30, 2024•Khazanah Nasional Berhad, Mavcap, Penjana Kapital
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Mobility marketplace WYZauto secured $2.25 M funding from Vynn CapitalIncubees•Apr 13, 2024•Vynn Capital, WYZauto, AEI Capital Corporation, Sime Darby and 4 others
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Mavcap aims to raise venture capital total funding value to US$1.4 bil by 2030The Edge•Apr 01, 2024•Mavcap
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MAVCAP invests in Vynn Capital’s Mobility and Supply Chain FundTechNode•Jan 23, 2024•Mavcap, Vynn Capital
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Chief of Malaysian VC Penjana Kapital makes a compelling case for merger with MAVCAPShareandstocks•Oct 05, 2023•Penjana Kapital, Mavcap
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Allianz Malaysia joins Gobi Partners' SuperSeed II FundDigital News Asia•Sep 23, 2022•allianz.com.my, Gobi Partners, Mavcap, Sunway Group
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Kejora, Sunway launch $25m Malaysia VC fundAsian Venture Capital Journal•Nov 18, 2021•Mavcap, Kejora Capital, Sunway Group
