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Mosti to develop five unicorn companies over next five years

PUTRAJAYA: The Science, Technology, and Innovation (Mosti) Ministry targets to develop five local unicorn companies over the next five years.

Its minister Datuk Seri Dr Adham Baba said RM123 million has been allocated for the development of the unicorn companies, a term used for startups worth more than USD1 billion (RM4.1 billion).

"In 2021, Mosti has allocated the expenditure to fund the development of local startups via three methods such as grants; equity and loans.

"The allocation is distributed to several companies including Malaysia Venture Capital Management Bhd (Mavcap); Cradle Fund; Kumpulan Modal Perdana Sdn Bhd and Malaysian Technology Development Corporation (MTDC)," he told the press at the ministry's headquarters here today.

Dr Adham also congratulated online used car trading platform Carsome, for recently becoming the first Malaysian unicorn company, proving that local entrepreneurs have the talent to succeed.

He is also confident that Mavcap, a venture capital agency under the ministry, will be able to empower startups to become unicorn companies and also boost the country's economy as it did with Carsome.

"Mavcap will definitely be able to help these companies grow into international champions and further expand technology in the country and create more jobs.

"In order to speed up the growth of the venture capital sector, Mavcap will continue working towards securing more funds and cooperation with local and international partners," he said.

Dr Adham said the ministry will be focusing on startups listed in the 10 socio-economic drivers and 10 science and technology drivers, which are included in the Malaysian Science, Technology and Innovation and Economic (MySTIE) framework.

Also present at the meeting session was Mavcap chairman Tunku Alizakri Raja Muhammad Alias and present virtually was Carsome chief executive officer Eric Cheng.

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