Logo of Phnom Penh Post newspaper Phnom Penh Post - Haystack Canada acquires Hanuman Capital, creates Haystack Asia

Haystack Canada acquires Hanuman Capital, creates Haystack Asia

Content image - Phnom Penh Post
Frédéric H Proulx, founder and CEO of Hanuman Capital who is now the managing partner of Haystack Asia.

Haystack Canada acquires Hanuman Capital, creates Haystack Asia

Haystack Canada, the North American venture capital firm, on March 17, acquired Hanuman Capital, a Cambodia-based creative studio and project developer, and will merge the companies to form Haystack Asia Capital Company Limited.

Haystack Canada and Hanuman Capital will integrate operations to better help start-up companies and emerging entrepreneurs in Canada and Cambodia. The deal for the entire Hanuman portfolio, including all real estate and digital holdings, have reached into millions of US dollars.

Haystack Canada is an up-and-coming investor in early-stage companies in technology, property development, sports, esports and food and beverages. Haystack Asia has reserved more than $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 an excellent 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 Asia.

“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 president of the Canadian Chamber of Commerce Cambodia (CanCham).

The new company, Haystack Asia, will share the same brand as Haystack Canada, which is based in Québec City, but will remain a separate legal entity. Haystack Canada has invested in Winter Farm, an agricultural hub, as well as a distillery and a range of cutting-edge tech companies.

Haystack Asia will operate all Hanuman projects, including Wonderpass, a smart-ticketing venture approved by the Ministry of Tourism set to launch this summer, and Bong Tees, a Phnom Penh-based clothing and design brand that will open on April 15.
Hanuman is also developing Huggr, a person-to-person activity-sharing platform scheduled to launch by the end of 2021 in a number of regional markets, including Cambodia and Vietnam.

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

Hanuman Capital was founded in 2019. In January, Hanuman became a 2021 Exclusive Associate Sponsor for CanCham. Haystack Asia will take over the sponsorship.


  • Prince Norodom Ranariddh passes away at 77

    Prince Norodom Ranariddh, the second son of the late King Father Norodom Sihanouk and former First Prime Minister of Cambodia, has passed away in France at the age of 77. “Samdech Krom Preah Norodom Ranariddh has passed away this morning in France just after 9am Paris-time,”

  • General’s gun smuggling ring busted

    The Military Police sent six military officers to court on November 22 to face prosecution for possession of 105 illegal rifles and arms smuggling, while investigators say they are still hunting down additional accomplices. Sao Sokha, deputy commander of the Royal Cambodian Armed Forces and commander of

  • Cambodia, Thailand to discuss border reopening

    Cambodian authorities from provinces along the Cambodia-Thailand border will meet with Thai counterparts to discuss reopening border checkpoints to facilitate travel, transfer of products and cross-border trade between the two countries. Banteay Meanchey provincial deputy governor Ly Sary said on November 22 that the provincial administration

  • More Cambodians studying in US

    The number of Cambodian students studying at US colleges and universities in 2020-21 increased by 14.3 per cent over the previous year despite the Covid-19 pandemic, according to a recent US government report. The 2021 Open Doors report on International Educational Exchange showed that 848 Cambodian students studied

  • Banteay Meanchey gunfight sees 15 Thais arrested, three officers injured

    The Banteay Meanchey Military Police have arrested 15 Thai suspects and their accomplices after a gun battle between two Thai groups caused injuries to three police officers in the early hours of November 21, local authorities said. National Military Police spokesman Eng Hy said that according to

  • PM: Do not defile Tonle Sap swamp forest or else

    Prime Minister Hun Sen ordered police to arrest anyone – including government officials – involved with the deforestation of the flooded forests surrounding the Tonle Sap Lake because it is an area important to the spawning of many species of fish, among other reasons. Speaking in a