Malaysia’s early-stage investment firm Cradle Fund Sdn Bhd has launched two new grant programmes namely Cradle Investment Programme Ignite (CIP Ignite) and Cradle Investment Programme Accelerate (CIP Accelerate), according to media reports.
Both the investment programmes will together provide grant funding of RM2.5 million ($583,976) to startups.
CIP Ignite will provide up to RM500,000 to convert validated prototypes to market-ready products while CIP Accelerate will provide up to RM2 million for product commercialization.
The two programmes will target early-stage technology companies where a minimum of 51 per cent stake is owned by Malaysians. These companies should be incorporated in Malaysia and their annual revenues should not exceed more than RM5 million.
The grant programmes will target information and communication technology (ICT), advanced manufacturing and engineering, food security and technology, as well as socio-economic drivers.
Aside from funding, the recipients will also receive mentoring and training opportunities, as well as value-added services to further enhance their success.
“The new grants have been developed based on what we have experienced during the COVID-19 pandemic, ” said Rafiza Ghazali, Group CEO of Cradle.
The two programmes come after Cradle’s last year announcement to enhance its Cradle Investment Programme 300 (CIP300) and Direct Equity 800 (DEQ800) in order to cater to a wider audience.
Along with these new funding programmes, Cradle targets to provide more opportunities for local companies to explore prototype development, commercialisation of innovations as well as growth acceleration.