Malaysia-based telecommunications company Axiata Group has launched a $30m venture fund in partnership with government venture capital firm Malaysia Venture Capital Management (Mavcap).
The Axiata Digital Innovation Fund will mainly target bumiputera (the Malay race and other indigenous groups) entrepreneurs working in enterprise and customer services which can add value to Axiata’s customers.
The fund, poised to be the largest digital corporate venture fund in Malaysia, will invest between $1m and $3m at series A level in 10 to 15 companies.
Jamaludin Ibrahim, chief executive and president of Axiata Group said: “We aim to make a real difference to people’s lives and help to transform the economies of the countries in which we operate.
“Axiata has been growing significantly over the last few years and now feels a responsibility to spur other Malaysian companies, especially bumiputera companies, to become successful too. Via this programme, we intend to nurture talent, enabling them to grow bigger and faster”.
Axiata will invest $15m in the fund, with Mavcap investing $6m. Mavcap will jointly manage the fund with QuestMark Capital Management and Teak Capital. The remaining capital will be raised at a later date.