500 Startups partners with government unit to support tech startups in Cambodia

VC firm and early-stage startup accelerator 500 Startups has formed a partnership with Khmer Enterprise, a unit under the Cambodian Ministry of Economy and Finance. Dubbed Angkor 500, the initiative will support entrepreneurs in establishing tech-driven startups and preparing for regional expansion.

Photo credit: 500 Startups

Over the initial two-year partnership, the VC firm will bring together founders throughout the country to form teams and technology companies. It’s looking to help Cambodian startups engage with international markets and investors, as well as connect them to industry stakeholders and corporate partners.

“This is one of the implementation plans of the Royal Government of Cambodia as articulated in Rectangular Strategy Phase IV to accelerate a healthy environment for SMEs and innovative startups to become much more competitive when moving to the digital economy,” said Vongsey Vissoth, who works as the minister attached to the prime minister. Vissoth is also the permanent secretary of state of Cambodia’s Ministry of Economy and Finance and the chairman of the Entrepreneurship Development Fund.

“It is time to start local, scale to regional, and engage with global,” he added.

Despite Covid-19, 500 Startups and Khmer Enterprise believe that the present moment offers a critical opportunity to invest in the next generation of startup founders.

Khmer Enterprise aims to become the national platform for promoting entrepreneurial activities through public-private partnerships. Its partnership programs include the MSME Digital Resource Center, which it established with Cambodia-based SHE Investments, as well as the Bluetribe Incubation Program in collaboration with the United Nations Development Programme.