KUALA LUMPUR, May 3 (Bernama) -- Malaysia's largest corporate venture capital fund Axiata Digital Innovation Fund (ADIF) has received RM10 million in investment from Johor Corporation (JCorp) to further drive Malaysia's digital industry.
ADIF, a collaboration between Axiata Group Bhd (Axiata) and Malaysia Venture Capital Management Bhd (MAVCAP), aims to build up the capabilities of local digital companies, especially that of Bumiputera, to become successful regional and international players.
In a statement today, Axiata said the JCorp's investment in ADIF had added to RM50 million and RM20 million committed by Axiata and MAVCAP, respectively, with the remaining to be raised from other principal investors.
It said ADIF, which targeted to achieve RM100 million target fund size, provided Malaysian digital entrepreneurs with unprecedented access to regional customers and partnership opportunities.
"We are pleased to welcome JCorp as our partner in ADIF. Their commitment is symbolic of their support and belief in the objectives of the fund.....