A note from 1337 Ventures on our early investment in HATA via 1337 Capital Fund 1.
On 20 April 2026, HATA just closed RM31.6 million (US$8 million) Series A led by Bybit, the world’s second-largest cryptocurrency exchange by trading volume. Several prominent global family offices focused on Southeast Asian technology and financial markets joined the round.
By end of 2025, HATA had grown to 209,000 users and processed over RM1.04 billion in transaction volume for the year. The lead investor from their seed round came back to lead the Series A. 1337 Ventures held an early position in HATA. With this Series A closing, we have exited that investment. We want to talk about why we made it in the first place.
What we saw when most investors were still waiting
The question we kept hearing from other investors back then was some version of: let’s see how the regulation plays out first.
Understandable. Digital asset regulation in Malaysia was still finding its shape. Trust in crypto platforms was fragile. And most founders building in this space were moving fast and loose, hoping to scale before the rules caught up with them.
The HATA founding team went the other way. David Low came in with more than a decade running digital financial platforms across Asia, including years as Asia Pacific General Manager at Luno. He understood, specifically and technically, what a trustworthy regulated exchange needed to look like from the inside. KK Chong and Darien Ng brought the depth to build it alongside him. Together, they decided to pursue dual licensing from the Securities Commission of Malaysia and the Labuan Financial Services Authority before going to market. They did it before, not after launch.
That decision cost them time, it made the build harder. And it is precisely why Bybit, three years later, chose HATA as their strategic partner in Malaysia rather than any of the faster movers who skipped that step.
What Bybit coming back actually tells you
Bybit participated in HATA’s US$4.2 million seed round. They came back to lead the Series A. That matters more than most announcements will tell you as a lead investor who returns for the next round has already done the hard review. They’ve seen how the company performed against what was promised. They’ve looked at the numbers, the team, the decisions made under pressure. And they decided to put in more.
Ben Zhou, co-founder and CEO of Bybit, captured it simply: they see HATA as the right partner to serve Malaysian investors through a trusted, regulated platform. That is not just a commercial bet. It is a direct endorsement of how HATA chose to build.
The harder path is usually the right one
There is a version of this story where the founders cut corners. Launch without full licensing. Build the user base first. Figure out compliance later. That playbook exists in this industry. David, KK, and Darien never entertained it. They built compliance into the product, not around it. And when Malaysian investors started looking for a platform they could actually trust, HATA was already there, already licensed, already ready.
Bikesh Lakhmichand, CEO and Founding Partner of 1337 Ventures, said
“We have been backing Malaysian founders since 2012. The ones who build something that lasts are rarely the loudest in the room. They are the ones still at it when everyone else has moved on. David, KK, and Darien are that kind of team. This exit from our HATA position is meaningful to us, but what it really confirms is something we have believed for a long time: when founders build with genuine expertise and integrity, the right outcome tends to follow. We are proud we backed them early, and we are excited to see what they build next.”
1337 Ventures backs exceptional Malaysian founders at the stage when the risk is real and the support is thin. HATA was one of those bets. Not every bet lands the way you hope, but when one does, it is because the founders earned it.
If you are building something and you are ready to make your case, we want to hear from you. Pitch Tuesday is where founders pitch 1337 Ventures directly for VC investment, a virtual session open to founders across Southeast Asia. Book your spot at https://1337.ventures/pitch-tuesday
To the HATA team
Congratulations to David, KK, Darien, and everyone who built HATA into what it is today. You said you would build Malaysia’s digital asset ecosystem the right way with regulation, compliance, and investor protection at the core. You meant it. And it showed.
Proud to have been part of the journey. 🤝🇲🇾
