Online grocer Freshcart has secured $500,000 in seed funding from KK Fund, Cradle Fund and other private investors to launch its portal for office supplies and services Supplycart.
By Shiwen Yap
Cradle Fund, SMG and 500 Startups joined the round.
Malaysian Global Innovation & Creativity Centre (MaGIC) — the country’s startup and innovation lab — has pegged a target of $100 million in value creation through the various programmes that will be launched at the upcoming Global Entrepreneurship Community (GECommunity) in December 2016.
The government-backed agency currently has a co-investment partnership programme where it matches the funds raised by co-investors. It has partnered with 28 co-investors till now with a cumulative investment figure that has reached $171.2 million, Cradle Fund Sdn Bhd CEO Nazrin Hassan said.
Malaysia’s Hong Leong Bank Bhd has partnered with Malaysian Business Angel Network (MBAN) and the bank will start a startup mentorship programme ‘HLB Launchpad’ by end of year.
Quest Ventures, and ECF operators – Crowdo, Crowdplus.asia, PitchIn, FundedByMe and ATA Plus – make up the new group of co-investment partners with Cradle.
While the angel investment industry is fairly in its infancy in Malaysia and a lot more data need to be culled, the initial numbers are looking promising.
The agency also said it targets to announce another nine deals this year, under its equity co-investment partnership programme.
All six investment partners will take part in one-to-one equity co-investment exercise with Cradle, each investing up to $120,000 (RM500,000).
This follows a $500,000 seed funding Belazee raised in June 2015 from KK Fund and Cradle Fund. This is also the first investment in Malaysia for Japanese VC DeNA, Valley-based Fenox Venture Capital and Singapore’s RIMU Group.