The Malaysia Digital Economy Corporation (MDEC) has announced two new Funding Facilitation initiatives for 2021. The Founders Grindstone, a startup capacity-building programme, and Investor Matching, a programme that connects startups with venture capitals is looking to help startups in the country.
Vice President of Digitally Powered Businesses Division, Gopi Ganesalingam said in a statement today that the initiative will improve startup founders’ ability to manage the challenges of funding and meet the demands of potential investors.
He added that both programmes aims to provide a much-needed avenue for many Malaysian-based startups to link with foreign and local investors, and potentially raise funds during these challenging times.
“Aside from potential investment, some VCs were also interested in mentoring, providing access to their ongoing programmes, and forming strategic partnerships.
“As it focuses on scaling digitally powered businesses, MDEC will draw on the collective experience of its top partners to provide stewardship and advice to techpreneurs allowing them to expand beyond their current horizons and gain global recognition and cement Malaysia’s position as the Digital Asean Hub,” Gopi said.
He further added that this year’s initiative would widen its collaboration to include more law firms and venture capital firms, as well as collaborate with PENJANA Kapital beneficiaries, as part of the government’s attempt to hasten Malaysia’s economic recovery.
Last year, MDEC announced that 176 startups had applied for the initiative, with 104 venture capitalists and founders taking part, with funding demands totalling more than RM870 million (US$212 million).
It also reported that it has plans to boost the matching rate of startups and investors to 50 percent this year, up from 37.5 percent last year.