KUALA LUMPUR, Oct 28 (Bernama) — Malaysian Digital Economy Corporation Sdn Bhd (MDEC) has signed memoranda of understanding (MoUs) with four key foreign venture capitalists (VC) for collaboration and fundraising to support the growth of the digital economy in Malaysia.
It said the MoUs were signed in an effort to develop the funding ecosystem in Malaysia and to provide venture funding.
The collaborations provide a unique platform for Malaysian technology companies to pursue equity investments, market access opportunities and mentoring opportunities.
“Other than linking the VC network for collaboration and fund raising, the MoUs also seek to promote the companies as a platform for investing.
“It also aims to streamline MSC Malaysia companies which fulfill the eligibility criteria and ensure that these companies have sufficient scaling and growth potential,” it said in a statement Friday.
The MoUs were signed with Dragon Fund LLC of the US, DFJ VinaCapital L.P. (Vietnam), Golden Gate Ventures (Singapore) and Netrove Ventures Corporation (China), at the inaugural Cyberjaya Tech Funding Symposium 2016 in Malaysia.
On the symposium, which was participated by 22 foreign VCs, MDEC said it was a catalyst to attract foreign venture funds to Malaysia to generate more collaborative efforts and promote syndication among local and foreign funders.
Besides the four signatory parties, the other investors who were present were Intres, Cradle Seed Ventures, Vertex Ventures, 500 Startups, Quest Ventures and B Capital Group.
MDEC Chief Executive Officer, Datuk Yasmin Mahmood, said the agency was thrilled to see such a great response from world renowned investors who were here to provide the local entrepreneurs and businesses with the necessary opportunities to scale and provide the needed support.
“With the rapid emergence of entrepreneurs, it is essential for Cyberjaya and Malaysia to have a developed funding ecosystem to support local entrepreneurs and businesses.
“We seek to attract foreign VCs to invest in Malaysia as their presence and contribution catalyses the ecosystem growth.
“A developed funding ecosystem facilitates and empowers the broader local economy, and contribute to Malaysia’s aim to become a hub for creative thinking and business activity for upcoming local and foreign technology companies,” she added.
Source: http://www.bernama.com.my/bernama/v8/bu/newsbusiness.php?id=1296887, 28 Oct 2016