BUSINESS

MAGIC–PENJANA KAPITAL TIE-UP OFFERS SEED STAGE STARTUPS BETTER ACCESS TO FUNDING

13/09/2021 03:21 PM

KUALA LUMPUR, Sept 13  -- The Malaysian Global Innovation & Creativity Centre (MaGIC) and Penjana Kapital Sdn Bhd are collaborating to unlock potential investment opportunities for innovative startups, which in turn will position them to scale and grow regionally and beyond.

“In bridging the funding gap faced by startups, MaGIC will funnel its alumni, in particular seed stage startups, to venture capitals (VCs) under the Dana Penjana Nasional (DPN) programme,” MaGIC said in a statement today. “For seed stage, the VCs include Tenggara Capital Partners-IMO Ventures and The Hive SouthEast Asia-Tuas Capital Partners.”

The DPN, “which is a matching fund-of-funds programme,” is administered by Penjana Kapital.

“This programme, which is part of the Short-Term Economic Recovery Plan (PENJANA), is aimed at bridging the funding gap in the country by incentivising private capital to facilitate the growth of startups and create an enabling environment for these startups to scale and expand their reach internationally,” it said.

MaGIC said the government will match RM600 million, on a 1:1 basis, of the funds raised by the VC fund managers from foreign and private domestic investors, with a target allocation of RM1.2 billion.

“At its first close at end-May 2021, Penjana Kapital has raised RM850 million, with more than half from foreign investors in Hong Kong, South Korea and Singapore. The successful first close means that the programme is on track to meet the target of RM1.2 billion,” it said.

MaGIC is an agency under the Ministry of Science, Technology and Innovation (MOSTI) that discovers and empowers technology startups and social innovators through creativity, innovation, and technology adoption, and develops a vibrant and sustainable entrepreneurship ecosystem in Malaysia.

-- BERNAMA

 

 


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