KUALA LUMPUR: Malaysia Venture Capital Management Bhd (MAVCAP) will provide equity funding to local and regional startups via two new venture capital (VC) funds, namely the Orbit Malaysia Fund I and the Ficus SEA Fund, with a total target fund size of RM160 million collectively.

It said the funds would be focusing on verticals such as artificial intelligence (AI), financial technology (fintech), healthcare technology, green technology, industrial technology, Internet of Things (IoT) and educational technology.

Chief executive officer (CEO) Shahril Anas Hasan Aziz said the new VC funds would further strengthen MAVCAP’s aspiration to help local startups grow their businesses and excel with a view towards becoming technology unicorns and tapping into regional growth opportunities.

“In addition to increasing the pool of capital available for start-ups, both local and regional, to scale up their businesses, our new VC funds also provide opportunities to draw upon our broad global network together with the new fund managers as we strive to cultivate regional and global champions,” he said in a statement today.

The country’s largest venture firm said the VC funds are the latest additions to MAVCAP’s 14 VC funds at various investment stages from Seed to Series C such as 500 Durians, Axiata Digital Innovation Fund, Asia Greentech Fund and Meranti Asean Growth Fund.

It said the Orbit Malaysia Fund I would be managed by Jakarta-based Kejora Capital with Sunway Group and MAVCAP as anchor investors and a goal to champion the growth of local startups, leveraging the fast-growing development of the tech space in the region.

Meanwhile, the Ficus SEA Fund is investing in highly promising local startups in logistic technology and green technology and is considering other potential areas including Islamic fintech, augmented reality and environmental, social and corporate governance (ESG) solutions.

“With our investment focused on robust growth sectors, we foresee positive returns for investors in the years to come, particularly in the post-pandemic environment as the world forges ahead towards recovery.

“To further spur Malaysia’s immense entrepreneurial talent, we look forward to providing guidance along with investments for promising startups to capture new opportunities and flourish,” Ficus Group Capital CEO Asyrul Ramali said. – Bernama

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