KUALA LUMPUR – Penjana Kapital Sdn Bhd has attracted eight venture capital (VC) fund managers from the US, South Korea, China, Indonesia and Singapore to invest in Malaysian start-ups as part of the RM1.2 billion Penjana Nasional Fund (PNF) programme.
Finance Minister Datuk Seri Tengku Zafrul Tengku Abdul Aziz said the eight VCs were carefully selected from among 51 applicants around the world, with an indicative fund size of a combined RM1.57 billion under the programme, or an additional commitment of RM370 million by the VCs beyond the initial projected allocation.
“This VC boost is part of the government’s effort to enhance our start-up enabling environment and generate more business opportunities, particularly in sectors with high multiplier effects for the economy.
“For the long term, Penjana Kapital has establised Knowledge Transfer Plans (KTPs) to set a clear goal for the players involved.
“These KTPs – and there are 91 under Penjana Kapital alone – will eventually lead to the creation of at least 1,800 high-skilled jobs, through investee companies’ projects or knowledge transfers,” he said in his speech at the Penjana Kapital letter of award handover to the eight VCs here today.
PNF is a matching fund-of-funds programme that is part of the National Economic Recovery Plan (Penjana).
The VC fund is spread across different funding stages, namely two Seed, two Series A & B, two Growth, and two Venture Debt stages.
The government will match up to RM600 million, on a 1:1 basis, for funds raised by the VC fund managers from foreign and private local investors, with a target allocation of RM1.2 billion.
Penjana Kapital was incorporated on July 1 as part of the government’s initiative to accelerate Malaysia’s economic recovery.
It was established to support the digitalisation and automation of Malaysian businesses by bringing funding from international and local investors into the local VC space. – Bernama, December 14, 2020
