KUALA LUMPUR: Sovereign wealth fund Khazanah Nasional Bhd said its RM27 million investment in FashionValet (FV) in 2018 reflects its commitment to support local founders and startup ecosystem.
"Khazanah refers to the recent news articles and comments on our investment in FV and would like to address the misconceptions and inaccuracies.
"As a private market investor, Khazanah regularly invests in and divests from assets based on our investment horizon and portfolio allocation strategy," a spokesperson told Business Times via email.
The spokesperson said that Khazanah's commitment is also exhibited through the completed acquisitions of Malaysia Venture Capital Management (MAVCAP) and Penjana Kapital, leading to the establishment of a national fund-of-funds that aims to support the local startup ecosystem of entrepreneurs, start-ups, venture capital, and corporate venture programmes through collaboration with domestic and international partners.
Khazanah's statement comes in response to a report by a tech newsletter that Malaysian e-commerce pioneer FV has been sold in a fire sale to local investment firm NXBT Partners.
This stirred discussion among Malaysians who are questioning the valuation of the transaction.