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.


  • Siem Reap drain canal now ‘mangrove’ promenade

    A more than half a kilometre long stretch of canal in Siem Reap has been covered and turned into a promenade to attract visitors, said Ly Rasmey, secretary of state at the Ministry of Land Management, Urban Planning and Construction, on September 16. The new pedestrianised

  • Angkor wildlife, aquarium park still to open October

    The Angkor Wildlife and Aquarium complex about 30km southeast of Siem Reap town with initial total investment of more than $70 million is reportedly still on track for an end-October opening. The park is located on a 100ha plot along National Road 6 in Kbon village, Khchas

  • Final verdicts for Khmer Rouge leaders ‘vital’ for next generation

    Nearly a decade after the commencement of Case 002/02 against Khieu Samphan back in 2014, the Extraordinary Chambers in the Courts of Cambodia (ECCC) is now set to deliver its final verdict for the former Khmer Rouge head of state. The Supreme Court Chamber of the ECCC,

  • Typhoon Noru brings flash floods – 16 dead

    An official warned that that the 16th typhoon of the season, Noru, had brought heavy rains to areas the Mekong River and flooded thousands of homes in the provinces bordering Thailand. As of September 27, the death toll from the flooding had risen to 16. National Committee

  • Defence minister reaffirms Kingdom’s staunch support for One-China policy

    Minister of National Defence General Tea Banh has reaffirmed Cambodia’s unwavering support for the One-China policy. Tea Banh was speaking at the September 20 ceremonial handover of 117 vehicles and other military equipment donated by China’s defence ministry, held at Phnom Chumreay International Military Training

  • Deaths due to ‘lifestyle’ diseases rise in Kingdom

    The Ministry of Health has called on people to pay closer attention to their health to protect themselves from non-communicable diseases (NCDs) which it said have caused high rates of deaths in the country. Ministry secretary of state York Sambath made the call at a