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MyEG and Cradle to provide early stage funding

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MyEG and Cradle to provide early stage funding Empty MyEG and Cradle to provide early stage funding

Post by Cals Wed 23 Oct 2013, 14:33

MyEG and Cradle to provide early stage funding
Business & Markets 2013
Written by Fatin Rasyiqah Mustaza of theedgemalaysia.com   
Wednesday, 23 October 2013 12:00
KUALA LUMPUR: My E. G. Services Bhd and Cradle Fund Sdn Bhd will be providing funding services for early-stage venture-capital companies with the planned establishment of Cradle Seed Centure Fund 1 (CF1). 

Nazrin Hassan, Cradles group CEO, said CF1 is aimed at preparing Cradle to enter the equity investment market and to address the lack of venture capital funding in the early stages.
CF1 will disburse between RM1 million to RM3 million to innovative high potential technology startups, particularly in the Information Communications Technology, telecommunications an engineering fields. 
MyEG will be investing RM20 million into the fund while Cradle will be investing another RM40 million into the public-private partnership fund.

"With this, we hope to strengthen Malaysia's pool of knowledge workers that will enable Malaysia to be competitive in terms of innovation advancement is South East Asia," said Nazrin.
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