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. 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. 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.

Source: The Star November 22, 2021 21:35 UTC