Axiata Group Berhad and Malaysia Venture Capital Management Berhad (Mavcap) have signed an agreement to establish a MYR 100 million ($30 million) venture capital fund named Axiata Digital Innovation Fund (ADIF).
In the first phase, Axiata will commit MYR 50 million ($15 million) to the fund while Malaysia’s largest venture capital firm Mavcap has pledged MYR 20 million ($ 6 million). The remaining amount will be raised from other principal investors, Axiata said in a press statement.
