VentureTECH has announced its investment of RM2 million in Tevo Creations Sdn Bhd (Tevo Creations), a Malaysia-made protective coating manufacturer to aid the company’s global expansion plan, and to tap into opportunities in both smart coatings and nanocoating global markets.
“We are very impressed with how Tevo Creations has successfully strengthened its position among other players in the country and regionally in a niche market. The functional green technology protective coating manufacturers with nanotechnology application is one of the areas VentureTECH is interested in,” said Norida Abd. Rahman, Managing Director of VentureTECH.
“Tevo Creations is a growing local company currently helmed by young dynamic entrepreneurs in the field of advanced materials. We believe they can offer various potential synergies with our existing and future investee companies particularly in lending support for business development as well as in promoting the industrial value chain by partnering with leading government agencies like NanoMalaysia Bhd in this field,” she added.
Norida highlighted that VentureTECH’s investment in Tevo Creations is also important to enhance collaboration among its existing investment portfolio companies for collective business growth.
“Tevo Creations currently covers approximately 10 percent of the total addressable market share in the automotive segment in Malaysia. TEVO aims to capture at least 30 percent of the after-market automotive coating market by the end of 2021. We have strategised to do so with the investment from VentureTECH,” said David Chew, Co-Founder and Sales Director of Tevo Creations.
At present, Tevo Creations’ distribution channels consist of about 35 countries worldwide with a global presence in more than 35 countries, and about 80 percent of its products are exported to South-East Asia, the UAE, Russia, Poland, and the United States.
“As we enter into a post Covid-19 phase with mounting challenges to overcome, VentureTECH as an impact investor further strives to help with the development of local industry in the high value-added sectors. This is especially to generate quality jobs and other socio-economic multipliers and we are hopeful to see the growth of this small but dynamic Malaysian company in becoming an industry leader in this niche market space,” Norida expressed.
The investment in Tevo Creations’ global expansion plan includes improving the company’s production facilities, research and development, laboratory enhancement, and asset acquisitions.
This is VentureTECH’s second investment in the field of green technology for the current year. Since its inception, and with the addition of Tevo Creations, VentureTECH has invested and committed to investing in 19 technology industry leaders.
Among them are mezzanine and growth stages in the targeted bio-based, emerging, and green industries, with an aggregate portfolio revenue of more than RM300 million, and investee collective net worth that has surpassed the RM1 billion mark.