Axiata, Mavcap setting up RM100mil venture fund

Axiata Group Bhd president and group CEO Datuk Seri Jamaludin Ibrahim (right) exchanging documents with Malaysia Venture Capital Management Bhd CEO Jamaludin Bujang at the launch of a RM100mil venture capital fund. Looking on are Khazanah Nasional Bhd MD Tan Sri Azman Mokhtar and Prime Minister Datuk Seri Mohd Najib Tun Razak.

KUALA LUMPUR: Axiata Group Bhd is setting up a RM100mil venture fund with Malaysia Venture Capital Management Bhd (Mavcap) to nurture bumiputra and Malaysian digital services innovators.

“Axiata will commit RM50mil to the Axiata Digital Innovation Fund (ADIF), while Mavcap will commit RM20mil to the first phase. The remaining will be raised from other principal investors,” president and group chief executive officer (CEO) Datuk Seri Jamaludin Ibrahim (pic)said at the launch of the fund here.