Money is an inevitable criteria to consider when starting up a business. Even with an amazing business model and innovative idea, nothing can be done in terms of expansion when there is a lack in funding. Hence, knowing this, Axiata Group Berhad had teamed up with the Malaysia Venture Capital Management Berhad (MAVCAP) in order to establish a RM100 million venture capital fund back in November 2014.
6 Malaysian tech companies were recent recipients of the RM12.5 million funding known as the Axiata Digital Innovation Fund (ADIF). Tripfez, Easyparcel, MaidEasy, Spot News, EasyUni and Supahands are the companies which will have the upper hand with funding that can allow them to grow in the digital sphere.
The companies are Tripfez, a company dedicated to Muslim travellers; Easyparcel, an online booking platform for courier services; MaidEasy, a matchmaking service to search for cleaners; Spot News, a Malaysian news app; EasyUni, a matchmaking service for Asia’s universities; and Supahands, a virtual assistant service.
ADIF is part of the government’s initiative to build up the Malaysian technology company sector. The companies which received the funding are in fact generating an inflow of funding, however still require support to grow further.
Axiata group COO Idham Nawawi stated at a press conference, “We are in the best position to enable these companies to grow faster and bigger by providing not only funding, but also industry expertise and market access to Axiata’s over 260 million customer base across Asia.”
As part of the companies receiving venture capital funding, Axiata group will hold between a 20% to 40% stake in the companies, through their investment. The valiant governmental effort will help each of these six tech companies to build their name in the tech sector, and in turn improve their growth in the Malaysian industry.