Malaysia Venture Capital Management Bhd (MAVCAP) today signed two Memoranda of Understanding (MoUs) with venture capital (VC) firms Gobi Partners and Elixir Capital. The ceremony was witnessed by Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah here, today. Pix by Saddam Yusoff

KUALA LUMPUR: Malaysia Venture Capital Management Bhd (MAVCAP) today signed two Memoranda of Understanding (MoUs) with venture capital (VC) firms Gobi Partners and Elixir Capital.

The ceremony was witnessed by Treasury secretary-general Tan Sri Dr Mohd Irwan Serigar Abdullah here, today.

The latest collaboration between MAVCAP and China-based Gobi Partners will see the establishment of the Asean Growth Fund, which targets reserves of up to US$200 million.

The fund will focus on growth and later-stage financing for innovation and technology-related growth-stage companies in Malaysia and the Southeast Asian region.

Besides that, MAVCAP and Silicon Valley-based fund manager Elixir Capital, will be setting up and operating the Global Islamic Economy Fund, targeting up to US$250 million in reserves to nurture and support the Islamic innovative funding ecosystem.

MAVCAP chief executive officer Jamaludin Bujang said the company believes that the two new funds will enable it to leverage on untapped opportunities to accelerate the development of the VC industry, both in Asean and in Islamic markets.

"This will also create greater prospects for promising Malaysian start-ups, as funds such as these will help foster innovation, and ultimately contribute towards cultivating a vibrant and dynamic VC ecosystem in Malaysia, and further elevate Malaysia's position in the regional funding ecosystem," he said.

MAVCAP had previously collaborated with Gobi Partners and Elixir Capital on other VC funds, including the Gobi MAVCAP III Fund, the RM60 million Gobi MAVCAP Asean Superseed Fund and the US$50 million ECM Straits Fund.

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