by SHAHEERA AZNAM SHAH / pic credit: penjanakapital.com.my/
PENJANA Kapital Sdn Bhd (Penjana Kapital) has attracted eight global venture capital (VC) fund managers with a combined fund size of RM1.57 billion for the Penjana Nasional Fund (PNF).
Finance Minister Tengku Datuk Seri Zafrul Abdul Aziz said that the eight VCs were selected from 51 applications from the US, Korea, China, Indonesia and Singapore.
“The total fund size is RM370 million more than the initial projected allocation.
“To ensure compatibility with domestic players, a rigorous evaluation process was employed and we are happy to say that the setup is ready to achieve our objectives,” he said in a speech today.
Last June, Prime Minister Tan Sri Muhyiddin Yassin announced the establishment of the VC fund with a total allocation of RM1.2 billion to drive the country’s economic recovery through digitalisation in businesses.
“Penjana Fund was introduced as part of the government’s economic stimulus package to weather the impact of the COVID-19 pandemic.
“It is not just another start-up fund. With a focus on sectors like agritech, fintech, edutech, mobility, and artificial intelligence, the plan was to set up a RM1.2 billion fund that is effectively allocated to high-growth firms with a clear set of goals to achieve,” he added.
Of the total fund allocation, RM600 million of the allocation is an investment injected from the government while another RM600 million from domestic and international investors.