Mavcap CEO Shahril Anas Hasan Aziz / Photo credit: Mavcap
Malaysia Venture Capital Management (Mavcap) aims to increase its VC investments from US$758 million to US$1.4 billion.
With this, Mavcap said it aims to help boost its contribution to Malaysia’s GDP from 0.19% to 0.35%.
The initiative is part of the firm’s 2024-2030 Malaysia Venture Capital Roadmap (MVCR), backed by the country’s Ministry of Science, Technology, and Innovation.
The MVCR targets three areas: funding, regulatory reform, and expanding capacity, all aligned with Malaysia’s goal to be an innovative and inclusive economy.
It underscores strategic investment from government and private sectors into areas key to Malaysia’s economic growth and calls for transparent governance, The New Straits Times reported. This includes policy measures and development plans to create a better regulatory environment for VC projects.
Currently, Malaysia lags behind neighboring Singapore in VC funding. In 2022, Singapore’s VC funding amounted to US$9.5 billion compared to Malaysia’s US$758 million, according to Mavcap COO Noor Amy Ismail.
That said, Ismail highlighted Malaysia’s growth potential. She cited the country’s compound annual growth rate of 44%, which is far higher than Singapore’s 13.1%.
See also: Speed bumps ahead as Malaysian state investors grapple with startup funding
Editing by Miguel Cordon and Lorenzo Kyle Subido
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