Kuala Lumpur-based venture capital firm Gobi Partners has made an undisclosed investment in Malaysian agritech startup BoomGrow’s recent pre-series A funding round. The investment was made through Gobi Dana Impak Ventures (GDIV), a fund backed by Malaysia’s sovereign wealth fund Khazanah Nasional Berhad. This investment demonstrates Gobi Partners’ commitment to environment, social, and governance (ESG)-friendly investments.
BoomGrow, founded in 2015, specializes in growing and selling vegetables. The company utilizes “Machine Farms,” repurposed shipping containers equipped with farming technology, to cultivate pesticide-free vegetables with a significantly reduced carbon footprint. BoomGrow’s innovative solutions address the challenges of food security arising from climate change, increasing population, and limited farming areas.
Recognizing the strategic response to high population density and the demand for fresh, clean, and nutritious produce, Gobi Partners commended BoomGrow’s move into Manila, Philippines. This expansion aligns with BoomGrow’s mission to provide sustainable food sources across Southeast Asia.
BoomGrow initially received grant funding from Malaysian government-linked company SME Corp, as well as venture capital investments from American firm Big Sky Capital and angel investors. The recent funding round aims to support the company’s regional expansion plans.
Gobi Partners, established in 2002, manages assets worth $1.6 billion and operates in various cities including Singapore, Bangkok, Guangzhou, Shanghai, Shenzhen, Ho Chi Minh City, Jakarta, Manila, Kuala Lumpur, and Hong Kong. With a portfolio of over 380 startups, Gobi has a proven track record in fostering entrepreneurship and driving business growth in the Asia-Pacific region.
Sources:
- Kuala Lumpur-based Gobi Partners invests in agritech startup BoomGrow, e27
- Gobi Partners, Crunchbase