Cradle, MyEG set up RM60mil fund to provide venture capital

From left: Datuk Sallehuddin Othman, Chairman Cradle Fund Sdn Bhd, Nazrin Hassan, Cradle group CEO, Datuk Azman Mahmud Deputy CEO I MIDA, Datuk Dr Norraesah Mohamad, Executive Chairman My E.G. Services Bhd and Dato

KUALA LUMPUR: Cradle Fund Sdn Bhd, an agency under the Finance Ministry, has teamed up with MyEG Services Bhd to invest in a RM60mil fund to provide venture capital to early stage start-ups.

The companies signed a memorandum of understanding (MoU) yesterday with Cradle Fund investing RM40mil and MyEG RM20mil to set up Cradle Seed Ventures Fund 1 (CF1).