Malaysia’s Petronas sets up US$350M VC fund to invest in tech startups
Malaysia’s Oil and gas company Petronas has set up a US$350 million venture capital fund, which aims to make direct investments in technology startups around the world, as per reports.
The corporate venture capital will pick a minority stake in early to growth-stage firms.
“A US$350mil fund for investment has been allocated for Petronas corporate venture capital (CVC) to target direct investments in technology startups in industry 4.0, advance materials and specialty chemicals, future of energy as well as access into new markets,” the company said in a statement.
Petronas, in partnership with 500 Startups, recently launched a startup programme, called Petronas FutureTech, which aims to discover and nurture home-grown technology entrepreneurs, scale them up to global standards, as well as build and influence the tech-driven startup ecosystem in the country.
FutureTech’s focus themes for the first batch are Industry 4.0, specialty chemicals and advance materials, future of energy, digital transformation and retail innovation. Up to 20 local startups will be selcted to undergo an intensive 8-week programme. At the end of the programme in November, the startups will pitch their to Petronas, investors, potential collaborators, and the media.
“Petronas CVC will be immersed in the venture capital ecosystem, be it in the Silicon Valley or Kuala Lumpur, to scout visionary entrepreneurs to solve critical problems in industrial and energy space through breakthrough technology and innovative business models,” the company said.