Kamaruzzaman says JCorp will have the opportunity to integrate some of the solutions provided by ADIF’s startups into relevant aspects of the business.
KUALA LUMPUR: Malaysia’s largest corporate venture capital fund Axiata Digital Innovation Fund (ADIF) has received RM10mil in investment from Johor Corp (JCorp) to further drive Malaysia’s digital industry.
ADIF, a collaboration between Axiata Group Bhd
(Axiata) and Malaysia Venture Capital Management Bhd (Mavcap), aims to build up the capabilities of local digital companies, especially bumiputra ones, to become successful regional and international players.
In a statement, Axiata said the JCorp’s investment in ADIF had added to RM50mil and RM20mil committed by Axiata and Mavcap, respectively, with the remaining to be raised from other principal investors.
It said ADIF, which targeted to achieve RM100mil target fund size, provided Malaysian digital entrepreneurs with unprecedented access to regional customers and partnership opportunities.
“We are pleased to welcome JCorp as our partner in ADIF. Their commitment is symbolic of their support and belief in the objectives of the fund.
“Geared towards becoming a new generation digital champion, Axiata is in an excellent position to collaborate with innovative and high-potential digital companies to help them become profitable and sustainable,” said Axiata Group chief executive officer (CEO) Tan Sri Jamaludin Ibrahim.
Meanwhile, JCorp president and CEO Datuk Kamaruzzaman Abu Kassim said JCorp would extend its capability with participation in ADIF which concurrently, created a conducive environment for JCorp.
“We will have the opportunity to integrate some of the solutions provided by ADIF’s startups into relevant aspects of the business, as a quick win which is mutually beneficial,” he said.
ADIF is managed by Intres Capital Partners, a subsidiary of Mavcap, in a partnership between Mavcap, Questmark Capital Management and Teak Capital Sdn Bhd. - Bernama