MDEC bridge startups with global investors virtually
KUALA LUMPUR: The Malaysia Digital Economy Corporation (MDEC) and KK Fund Pte Ltd announced a virtual investor-matching initiative for local startups that are seeking capital injection amid the current economic slowdown.
Dubbed ‘Meet Your Match Malaysia’, the initiative is a collaboration between Singapore-based KK Fund, a venture capital fund with investment interest in Internet and mobile startups across South East Asia, Hong Kong and Taiwan, and MDEC’s Global Growth Acceleration Division.
To date, KK Fund and MDEC have secured nearly 60 global investors who are ready to match virtually with startups in Malaysia that are actively seeking funding but are constrained by the Movement Control Order (MCO) in the country.
‘Meet Your Match Malaysia’ will run until April 17, 2020. Startups that are keen to be matched with potential investors may submit an application at https://tinyurl.com/meetyourmatchmalaysia.
All profiles and applications of the startups will be screened by MDEC and KK Fund prior to being shared with the prospective investors.
Upon successful matching, a virtual connection will be initiated to delve in deeper discussions with their chosen startups.
Echoing the findings of a recent Covid-19 survey by the SME Association of Malaysia, Surina Shukri, CEO of the Malaysia Digital Economy Corporation agreed that local startups face the same fate as many small and medium- sized enterprises in Malaysia that are struggling with sufficient cash flow to sustain until end of April 2020.
“Given the very challenging economic situation, MDEC’s Global Growth Acceleration Division has been relentlessly seeking funding avenues for startups that have been dependent on physical meetings and networking events to connect with potential investors,” said Surina.
According to Koichi Saito, founder and general partner at KK Fund, ‘Meet Your Match Thailand’ was launched recently and the response was exceptionally encouraging, drawing more than 40 global investors and 30 Thai startups.
This prompted KK Fund to expand its online investor-matching initiative to the rest of Southeast Asia and beyond.
“For Meet your Match Malaysia, we decided to partner with MDEC and BEAMSTART that have been contributing prominently to the Malaysian startup ecosystem. We believe that startups should not cease engaging investors in light of a market slowdown. Startups should be perfectly ready for fundraising when the market momentum changes again. As such, we hope that Malaysia-based startups will take full advantage of this opportunity and move to greater heights,” said Saito.