Malaysia’s new $30M startup fund is for local Malays (mostly)

Malaysian telco giant Axiata today launched a MYR 100 million (US$30 million) venture capital fund in conjunction with Malaysia Venture Capital Management (Mavcap). In the first phase, Axiata will invest MYR 50 million (US$15 million) into the fund, while Mavcap will be putting in another MYR 20 million (US$6 million), according to Digital News Asia.

The remaining MYR 30 million (US$9 million) will be raised at a later date, of which Mavcap CEO Jamaludin Bujang reportedly stated that they are open to regional investors. They are currently in talks with a Malaysian corporate entity.

As is typical of local government initiatives, 70 percent of the Axiata Digital Innovation Fund will be targeted at Bumiputera – those of the Malay race – entrepreneurs. The report states that the fund is targeting Series A level investments from US$1 million up to US$3 million.

See: Malaysia’s 2015 budget brings good tidings for local entrepreneurship (INFOGRAPHIC)