Malaysia Venture Capital Management Bhd‘s (MAVCAP) fund size has hit MYR1.4 billion ($325.58 million), making it the country’s largest venture capital firm, according to Science, Technology and Innovation Minister Wilfred Madius Tangau.
MAVCAP, a government-owned company, has invested in 225 technological start-up companies directly and through its 16 Outsource Partners (OSPs) since its establishment in 2001.
MAVCAP invests in four funds, the latest being the $50-million Gobi Fund III, in partnership with China-based Gobi Partners.
Another fund, managed by Silicon Valley-based Elixir Capital, is the ECM Straits Fund I which has offices in San Francisco, Kuala Lumpur and Jakarta.
MAVCAP also invests in collaboration with 500 Startups, in a fund called 500 Durians, focussed on Southeast Asia deals.
“The investment period is between five and 10 years, with the ultimate aim to enable the start-ups to be listed on Bursa Malaysia through an initial public offering (IPO), depending on the current market and economic conditions,” he was quoted in a national news agency, Bernama report.
Madius added that his ministry has invested in six electrical and electronics firms with committed investments totalling MYR50 million, noting that the government has been helping technological start-up companies since the Ninth Malaysia Plan, through the provision of funding, expertise and technology.
“The ministry’s agencies involved include Malaysia Technology Development Corporation (MTDC), Malaysian Biotechnology Corporation (Biotech Corp), SIRIM Bhd, MIMOS Bhd and Technology Park Malaysia (TPM),” he added.