KUALA LUMPUR: The Dana Penjana Nasional programme has raised RM850mil for its first close at end-May 2021, exceeding the target of RM228mil by RM622mil or 3.7 times.

Penjana Kapital Sdn Bhd, the company set up to operationalise the programme, said of the total raised, RM433mil or over 55% was from foreign investors, including from Hong Kong, South Korea and Singapore.

“Out of the eight approved foreign venture capital (VC) fund managers and their Malaysian partners selected as part of the Dana Penjana programme, three have successfully reached their final close target ahead of the deadline, ” it said in a statement yesterday.

Dana Penjana is a matching fund-of-funds programme, which is part of the short-term economic recovery plan (Penjana).

“Dana Penjana’s objective is underscored by the need to ensure that the Malaysian startup space can overcome its Covid-related funding challenges, and continue innovating to contribute to the nation’s advancement in various sectors including mobility, agriculture and healthcare.

“The projects that have been selected are developing solutions premised on innovative, cutting-edge tech, all of which could help Malaysia make that quantum leap towards its MyDigital vision much quicker than expected, ” said Finance Minister Tengku Datuk Seri Zafrul Aziz in the statement.

Under the programme, the government will match RM600mil, on a 1:1 basis, of the funds raised by the VC fund managers from foreign and private domestic investors, with a target allocation of RM1.2bil. The successful first close means that the programme is likely to meet the target of RM1.2bil. — Bernama

(Web source: https://www.thestar.com.my/business/business-news/2021/06/10/penjana-kapital-closes-rm850mil-funding-to-help-local-startups)