Golden Gate Ventures Teams Up With Cradle Fund To Invest Into Startups.
As of recently, a not-for-profit organization under the Ministry of Finance, Cradle Fund, has recently announced a partnership with the Singapore-based Venture capital firm known as Golden Gate Ventures, All according to a report dine by Yahoo Malaysia.
The two firms in question shall co-invest into early-stage tech companies based within Malaysua and them expand their business overseas with a 1:1 matching Scheme.’
Cradle Fund and Golden Gate Ventures shall fund up to five different startups each year with an annual fund that totals up to MYR 2.5 million (US$778,000). Each company shall receive a total of MYR 500,000 (US$155,000) in funding, according to information provided by the original source.
The CEO of Cradle Fund, Nazrin Hassan stated that Cradle shall provide the very same amount as Golden Gate Ventures without necessarily taking any equity from the fully funded company.
This recent partnership will most definitely help Malaysia in positioning itself as location for entrepreneurship, especially since with the Southeast Asian country barely receiving any attention from regional investors.
Hassan further elaborated that entrepreneurs who are looking to raise funds within Malasia will not longer have to look outside of the country to try and find one.
Additionally, there are planes currently set into motion, such as partnerships with local venture capitalist and angel investor. Once the year 2017 comes around, Hassan stated that Cradle will have allocated over 50 percent of its funds into co-investment initiatives.
It should be noted that Cradle Fund first launched during 2003 with a total of MYR 100 million (US$31 million), and later manage to gain another MYR 50 million (US$15.5 million) to create a prosperous startup ecosystem in Malaysia.