PETRONAS Ventures investment arm Twin Towers Ventures (TTV) and Asia-focused venture capital firm Gobi Partners have partnered for resources, proficiency and networks to invest in the ecosystem of sustainable innovation within Southeast Asia (SEA) and the Greater Bay Area (GBA) in China.​ The duo said in a statement on Tuesday that they have entered into a Memorandum of Understanding (MoU) for the collaboration.​

The collaborative effort between TTV and Gobi includes cross sharing of deal flow and potential co-investments into promising opportunities in the region, leveraging Gobi’s vast stable of portfolio companies, exchange of insights and sustainable innovation best practices, as well as exploring potential co-development and / or commercialization of PETRONAS’ in-house innovations.​

“This MoU marks not only a new beginning but also a new urgency for our organizations. The forthcoming wave of environmentally conscious innovation needs to be transformational on a large scale that benefits all before time runs out,” Gobi Partners Co-founder and Chairperson, Thomas G. Tsao said.​

Meanwhile, TTV Managing Partner Fariz Ali said that the intricate challenges of energy transition demand innovative collaborations and concerted efforts from all stakeholders. “TTV is delighted to have forged this partnership to open new avenues and advance our efforts to address this challenge and spur the tech ecosystem in the APAC and GBA regions. This collaboration leverages our collective expertise and experience to capitalize on the opportunities in the innovation and technology potential of this region,” he said.​

According to the statement, the concept of connecting SEA with the GBA, finds its roots in the longstanding synergy between the parties. Prior to this agreement, PETRONAS Ventures had already invested in the Alibaba Entrepreneurs Fund Greater Bay Area (AEF GBA Fund), underscoring the pre-existing alignment in vision between the two companies.​

With dual offices in Kuala Lumpur and Singapore, TTV invests in early to growth stages entrepreneurs across the APAC and Middle East and North Africa (MENA) regions. Gobi Partners, on the other hand, is an interconnected Pan-Asian venture capital firm with $1.6 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 17 funds to date, invested in over 380 startups and nurtured 10 unicorns.​ Gobi has grown to 15 locations across key markets in Bangkok, Cairo, Dhaka, Guangzhou, Ho Chi Minh City, Hong Kong, Jakarta, Karachi, Kuala Lumpur, Lahore, Manila, Shanghai, Shenzhen, Singapore and Surabaya.