Investor Profile: First Move - Thesis, Cheque Size & How to Apply

First Move is a founder-led, early-stage venture capital firm based in Malaysia that writes the first cheque before most funds will even take a meeting. For founders researching First Move funding, its pitch is speed, operator empathy and a willingness to back an idea rather than a deck: the firm was built by entrepreneurs who wished such a fund had existed when they started. This profile explains how to get funding from First Move, its cheque size, and how its new AI-focused fund changes what it is looking for.

Thesis: back founders at the idea stage

First Move exists to fill the gap at the very start of a company’s life, investing at idea and pre-seed stage, often before product or revenue. The firm now describes itself as all-in on AI-native founders, applying a simple filter: would this company exist without AI? If the answer is no, it is the kind of bet First Move wants to make.

Sectors and stages

First Move began as a consumer-focused fund and now spans AI, healthtech, fintech, enterprise automation, climate and consumer brands.

Fund size and cheque size

First Move launched in 2023 and, from its first fund, offers up to $100,000 using a standard YC-style SAFE, with a post-money cap of up to $3 million. Its average early investment was also reported at $100,000 per startup. The total size of the debut fund is not publicly disclosed in the fund’s own materials reviewed, and market reporting pegging it in the $3 million to $4 million range is unconfirmed, so this profile does not present it as fact. For its newer AI-focused fund, anchored by Jelawang Capital, a term-sheet milestone of roughly $14.31 million (RM60 million) has been reported, but the fund’s final size is not publicly disclosed.

Notable portfolio

First Move has backed more than 20 startups, rising to 24 within two years of launch, and its debut fund ranked in the top 1% globally for its 2023 vintage in Carta’s Q1 2025 benchmarks, with a 2.4 times multiple on invested capital. Named portfolio companies include Decube, a data observability and governance platform; Welling.ai, an AI nutrition coach; Ourteam.ai, an AI-native hiring platform; Shieldbase.ai, an AI operating system for enterprise automation; 3cat, circular commerce for electronics; and Koppiku, a Malaysian premium coffee company.

Partners, team and programmes

First Move was founded by Joel Neoh and Audra Pakalnyte, entrepreneurs behind Fave, acquired by Pine Labs, as well as Groupon Asia Pacific and Says.com. Its first fund was backed by 500 Global and an angel syndicate, and in June 2025 it was selected as one of the first three managers under Khazanah Nasional’s Jelawang Capital Emerging Fund Managers’ Programme (EMP), alongside Vynn Capital and Kairous Capital.

How to apply for funding

First Move invites founders through the Get Started contact route on its own website, which is the verified first step for an approach, and it also sources through its builder platform and founder network. Founders should be ready to show why they are the right person and what AI makes newly possible.