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KUALA LUMPUR: Penjana Kapital Sdn Bhd (Penjana Kapital) has attracted eight venture capital (VC) fund managers from the United States, South Korea, China, Indonesia and Singapore to invest in Malaysian startups as part of the Nasional Penjana Fund RM1.2 billion program.
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said the eight venture capitalists were carefully selected from 51 applicants from around the world, with an indicative fund size of RM 1.57 billion combined under the program, or a commitment. additional RM 370 million (from venture capitalists) over the initial projected allocation
“This CV boost is part of the government’s effort to improve our startup environment and generate more business opportunities, particularly in sectors with high multiplier effects for the economy.
“In the long term, Penjana Kapital has established knowledge transfer plans (KTP) to set a clear objective for the stakeholders involved.
“These PCTs, and there are 91 in Penjana Kapital alone, will eventually lead to the creation of at least 1,800 highly skilled jobs, through investee projects or knowledge transfers,” he said in his speech in the Penjana Kapital Letter. of Awards Ceremony to the Eight Venture Capitalists here today.
The Nasional Penjana Fund is a matching funds program, which is part of the National Plan for Economic Recovery (Penjana).
The venture capital fund is distributed in different stages of financing for venture capital managers, namely, two stages of seed financing, two series A and B, two of growth and two of risk debt.
The government will match up to RM600 million, on a 1: 1 basis, for funds raised by venture capital fund managers from local private and foreign investors, with a target allocation of RM1.2 billion.
Meanwhile, one of the venture capital managers in the Series A and B funding stage, South Korea’s KB Investment Co Ltd, which partnered with RHL Ventures Sdn Bhd, said the decision to invest in Malaysia was a opportunity to understand government and market transformation.
“Although Malaysia is a bit far away, we still think it is interesting and prudent to invest as this provides more opportunities for everyone to prepare and create unlimited capital and resources,” said its managing partner, Eric Yoo Jung Hohe, during a virtual question. and response session.
Penjana Kapital was incorporated on July 1, 2020 as part of the government’s initiative to accelerate Malaysia’s economic recovery.
It was established to support the digitization and automation of Malaysian businesses by bringing funds from international and local investors to the local venture capital space.Called
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