Thursday 28 Mar 2024
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KUALA LUMPUR (Dec 8): Malaysia Venture Capital Management Bhd (MAVCAP) has today signed Memorandums of Understanding with leading venture capital (VC) firms Gobi Partners and Elixir Capital to establish new funds, targeting up to US$450 million.

Through collaboration with China’s Gobi Partners, MAVCAP will see the Asean Growth Fund targeting up to US$200 million, focusing on growth and later stage financing for innovation and technology-related growth stage companies in Malaysia, as well as within the Southeast Asian region.

Meanwhile, with US-based Elixir Capital, MAVCAP will be setting up and operating the Global Islamic Economy Fund targeting up to US$250 million, which will nurture and support the Islamic innovative funding ecosystem.

“We are glad to further solidify our fruitful partnerships with Gobi and Elixir, both of which are leading VC firms regionally and globally. We believe these two new funds will enable us to leverage on untapped opportunities to accelerate development of the VC industry, both [in] Asean and in Islamic markets,” said MAVCAP chief executive officer Jamaludin Bujang in his keynote speech.

“This will also create greater prospects for promising Malaysian start-ups, as funds such as these will help foster innovation and ultimately contribute towards cultivating a vibrant and dynamic VC ecosystem in Malaysia, and further elevate Malaysia’s position in the regional funding ecosystem,” he added.

Speaking to reporters during the press conference today, Jamaludin said they are aiming to generate approximately US$50 million to US$60 million each in both the funds, by the first half of next year.
 
Today's ceremony was also witnessed by Ministry of Finance Secretary General of Treasury Tan Sri Dr Mohd Irwan Serigar Abdullah.

“The launching on the Asean Growth Fund and Global Islamic Economy Fund is a good sign on how the corporation is taking place among the VCs,” said Irwan after the signing ceremony, adding that government-linked companies should invest in more start-up companies to enable the start-up companies to become global players.

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