Malaysia Debt Ventures Bhd’s (MDV) allocation of RM20 million under the recently announced Budget 2023 will be channelled for its venture debt programme for start-ups and technology-based companies.
In a statement, MDV said the allocation would also support the Ministry of Science, Technology and Innovation’s Malaysia Science, Technology, Innovation and Economy (MySTIE) Framework.
MDV chief executive officer Nisam Mohamed Nadzri said MDV’s highly strategic role within the tech financing space has contributed to building a more dynamic, innovative, inclusive, and sustainable economy for Malaysia consistent with the intended outcome of the Budget 2023.
“While we have cumulatively assisted more than 1,000 high-potential and innovative technology companies at an aggregate fund size of RM4.1 billion since our inception more than two decades ago, MDV remains committed to catalysing the growth of local technopreneurs as well as transforming and futureproofing the country’s development,” he said.
The additional funding from Budget 2023 will further expand MDV’s pioneering venture debt financing programmes and initiatives and facilitate the building of a sustainable funding model for venture debt through private markets.
To date, more than RM178.0 million in financing have been approved for 105 technology start-ups under MDV’s venture debt programmes, contributing to the companies’ subsequent growth in revenues and valuations.