Malaysia-based venture capital firm Cypress Asia Sdn Bhd is launching Cypress Drive Ventures, its first fund with a 50 million ringgit (US$12.2 million) target.

New Hoong Fatt Holdings Bhd, a listed Malaysian automotive replacement parts manufacturer, has committed up to 20 million ringgit (US$4.9 million) as anchor investor through its wholly owned subsidiary Jhi Soon Manufacturing Industries Sdn Bhd, according to a Bursa Malaysia filing.

The fund will back Malaysian technology-driven companies at the pre-series A and series A stages that are already profitable or have a clear path to profitability.

Cypress Asia is seeking the remaining 30 million ringgit (US$7.34 million) from family offices and other investors.

It expects to make its first investment in the first quarter of 2027.

Cypress Asia was founded by Sivapalan Vivekarajah and Xelia Tong, the former COO of pitchIN, a Malaysian digital fundraising and investment platform.

The pair previously worked at ScaleUp Malaysia, where they invested in 38 companies.

🔗 Source: The Edge Malaysia