Axiata, Mavcap launch $30m VC for digital cos

In a DSA file photograph, Mavcap chairman Rahim Hamid, Axiata chairman Azman Mokhtar, Mavcap CEO Jamaludin Bujang, Prime Minister Mohd Najib Abdul Razak, Axiata president and group CEO Jamaludin Ibrahim

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.

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