Khazanah launches Future Malaysia Programme to support startup ecosystem
Bernama
Mac 16, 2023
Khazanah launches Future Malaysia Programme to support startup ecosystem
Future Malaysia Programme is under Khazanah's Dana Impak mandate, which is a RM6 billion commitment over five years. - File Pic
KUALA LUMPUR: Khazanah Nasional Bhd has launched an initiative called Future Malaysia Programme to support the local start-up ecosystem of entrepreneurs, start-ups, venture capital, and corporate venture programmes through collaborations with domestic and international partners.
In a statement today, the sovereign wealth fund said Future Malaysia Programme is under Khazanah's Dana Impak mandate, which is a RM6 billion commitment over five years.
Dana Impak is a key pillar under Khazanah's Advancing Malaysia strategy, seeking to invest across six themes based on issues and challenges facing the nation, including digital society and technology, quality health and education for all, decent work and social mobility, food and energy security, building climate resilience, and competing in global markets.
Khazanah managing director Datuk Amirul Feisal Wan Zahir said the start-up ecosystem is an essential source of entrepreneurship, employment, innovation, and investment for the nation.
"Many potential solutions to the challenges we have identified under Dana Impak themes are found in early-stage companies, which requires injection of risk capital at different stages of the venture, and to scale innovation and business," he said.
The Future Malaysia Programme is aimed at deploying an initial amount of approximately RM180 million by working with established local and international venture capital managers as well as corporate venture programmes based in Malaysia.
"In line with this effort, Khazanah is pleased to announce its partnership with venture capital funds, Gobi Partners, a pan-Asian venture capital manager, and 500 Global, an international venture capital manager.
"Both are among the most active venture capital managers with an extensive investing track record and expertise for value creation in Malaysia," Amirul added.
In addition, Khazanah is also establishing a partnership with Plug and Play, a leading global innovation platform that connects start-ups, corporations, venture capital firms, universities, and government agencies.
The focus of the partnership is to set up a Malaysia-based corporate innovation and accelerator programme involving leading Malaysian corporates, said the statement.
CelcomDigi Bhd, a key associate of Axiata Group Bhd and one of Khazanah's portfolio companies, hassigned up as an anchor partner of the programme and will be driving the initiative via CelcomDigi's Innovation Centre.
-- BERNAMA
