MEDIA CONTACT: Frédéric H. Proulx (English/French), Sokunthea Peng (Khmer)

PHNOM PENH: Haystack Canada, the North American venture capital firm, has acquired Hanuman Capital, a Cambodia-based creative studio and project developer, in a move to expand its global reach and presence in robust Asian markets.

Haystack Canada and Hanuman Capital will now integrate operations and become Haystack Fund. The deal for the entire Hanuman portfolio, including all real estate and digital holdings, was said to be worth several million US dollars.

Haystack Canada is an up-and-coming investor in early-stage companies in technology, property development, sports, esports and food and beverages. As Haystack Fund, it has reserved more than USD$2 million to dedicate to innovative ventures or digital projects in Cambodia.

“We see an excellent opportunity to align both entities, and we see Cambodia as a prime market in which to be creative and to hire emerging talents to overcome the challenges of this thriving economy,” said Frédéric H. Proulx, founder and CEO of Hanuman Capital who is now the Managing Partner of Haystack Fund. 

“We have experienced and talented investors and mentors who would love to teach and support young entrepreneurs in Canada, Cambodia and the rest of Southeast Asia,” said Proulx, who is also chairman of the Canadian Chamber of Commerce Cambodia (CanCham).   

The former Haystack Canada has invested in Winter Farm, an agricultural hub, as well as a distillery and a range of cutting-edge tech companies.

Haystack Fund will operate all Hanuman projects, including Wonderpass, a smart-ticketing venture approved by the Ministry of Tourism, and Bong Tees, a Phnom Penh-based clothing and design brand that will open on April 15. 

Haystack Fund will continue developing Huggr, a person-to-person activity-sharing platform scheduled to launch by the end of 2021 in a number of regional markets.

Hanuman’s land development projects, including a coffee plantation and lodge in Mondulkiri and a villa in Kep, will now be managed by Haystack Fund.