Cradle Fund, SMG and 500 Startups joined the round.
By Tanu Pandey
Last year Touristly raised funds from Tony Fernandes led Tune Labs
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.
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).