The Malaysia Digital Economy Corporation (MDEC) collaborates with KK Fund Pte Ltd to in a virtual investor-matching initiative, themed ‘Meet Your Match Malaysia’, for local startups seeking capital injection amid the current economic slowdown.
KK Fund, a reputable venture capital fund, based in Singapore, has investment interest in Internet and mobile startups across Southeast Asia, Hong Kong and Taiwan.
To date, KK Fund and MDEC have secured nearly 60 global investors who are ready to match virtually with startups in Malaysia actively seeking funding, but are constrained by the Movement Control Order (MCO) in the country.
According to CEO of MDEC Surina Shukri, MDEC’s Global Growth Acceleration Division has been relentlessly seeking funding avenues for startups that have been dependent on physical meetings and networking events to connect with potential investors.
Echoing the findings of a recent COVID-19 survey by the SME Association of Malaysia, Surina agreed that local startups face the same fate as many SMEs in Malaysia that are struggling with sufficient cashflow to sustain until end of April 2020.
“MDEC is exceptionally grateful to KK Fund for this timely partnership and for playing a pivotal role in driving this online investor-matching initiative, said Gopi Ganesalingam, Vice President of MDEC’s Global Growth Acceleration Division adding that they are also scouting more funding opportunities to aid vulnerable companies in these challenging times.”
The recently launched ‘Meet Your Match Thailand’ which received overwhelming response, drawing more than 40 global investors and 30 Thai startups, prompted KK Fund to expand its online investor-matching initiative to the rest of Southeast Asia and beyond, according to Koichi Saito, Founder and General Partner of KK Fund Pte Ltd.
“For Meet your Match Malaysia, we decided to partner with MDEC and BEAMSTART that have been contributing prominently to the Malaysian startup ecosystem, said Saito.
“We believe that startups should not cease engaging investors in light of a market slowdown.
“Startups should be perfectly ready for fundraising when the market momentum changes again.
“As such, we hope that Malaysia-based startups will take full advantage of this opportunity and move to greater heights.”
‘Meet Your Match Malaysia’ runs until 17 April 2020. Startups that are keen to be matched with potential investors may submit an application at https://tinyurl.com/meetyourmatchmalaysia.
Additionally, MDEC has developed a dedicated microsite for its #DigitalVsCovid campaign. Consumers, businesses and investors are advised to regularly visit https://mdec.my/digitalvscovid/ to learn more on MDEC’s initiatives and relief services offered by a wide-range of organisations during the course of the COVID-19 pandemic.