Gobi Partners onboards Care Concierge to Khazanah-backed fund

SHAH ALAM: Gobi Partners, an interconnected Pan-Asian venture capital (VC) firm, has onboarded its first portfolio Care Concierge under its newly established Gobi Dana Impak Ventures (GDIV) fund.

GDIV is a part of the Future Malaysian Programme, an initiative announced on March 16 this year under Khazanah Nasional Bhd's Dana Impak which aims to support the locak start-up ecosystem of entrepreneurs, start-ups, venture capital and corporate venture programmes.

Dana Impak is a US$1.3 billion allocation over five years and a key pillar under Khazanah's Advancing Malaysia strategy.

The Dana Impak seeks to invest six themes based on issues and challenges facing the nation that include digital society and technology, quality health and education for all, decent work and social mobility, food and energy security, building climate resilience and competing in global markets.

The investment into Care Concierge fits the fundamental objective of Dana Impak, which is to invest in catalytic sectors to increase Malaysia’s economic competitiveness and build national resilience.

"Care Concierge meanwhile, helps families navigate the complexities of finding the right senior care solution for their loved ones across its various services of home care, residence care, day care and shop care," it added.

Founded by Chief Executive Officer (CEO) Martin Yap and Chief Operations Officer (COO) Justin Yap in 2017, Care Concierge's inception was inspired by Martin’s family's struggle in finding assistance for the care of his grandmother who succumbed to a stroke.

This led to the realisation of what Malaysia needs especially with its ageing population on the rise, and the younger generation that is career-centric.

Driven by technology, design thinking, and innovation, Care Concierge is also one of six winners of the Khazanah Impact and Innovation Challenge 2021 with the prize being a grant worth US$66,000 (RM300,000).

Gobis's Co-founder and Chairperson Thomas Tsao said Gobi has a strong belief in Malaysia's entrepreneurial potential and world-class talent.

"As a firm headquartered in Kuala Lumpur, our early investments in more than 30 Malaysian startups have yielded success.

"We have thoroughly evaluated Care Concierge and are confident in their growth prospects for the Silver Economy," he said.

Meanwhile Martin said the fundings from Gobi under the auspices of Khazanah was timely as it augurs well with the ageing population challenges.

"We are committed to using this funding to create innovative and digital solutions that will revolutionise senior living care, including the Caregivers profession and make an impact in the lives of our ageing population," he said.

According to a report by the United Nations, Malaysia is expected to become an ageing society by 2030, with more than 15 per cent of the population aged 60 years and above.

One of the key challenges associated with ageing is the provision of healthcare services to the elderly as they are more susceptible to chronic diseases and disabilities, which require specialised medical care.

Gobi Partners is a venture capital firm with $1.5 billion in assets under management (AUM).

Headquartered in Kuala Lumpur and Hong Kong, the firm supports entrepreneurs from the early to growth stages and focuses on emerging and underserved markets.

Founded in 2002, Gobi has raised 15 funds to date, invested in over 350 startups and nurtured 10 unicorns.

Gobi has grown to 15 locations across key markets in Bangkok, Beijing, Cairo, Guangzhou, Ho Chi Minh City, Hong Kong, Jakarta, Karachi, Kuala Lumpur, Lahore, Manila, Shanghai, Shenzhen, Singapore and Surabaya.