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Showing posts with label mavcap. Show all posts
Showing posts with label mavcap. Show all posts

Monday 26 October 2020

Startups can apply for seed financing from S’pore fund

LuneX to provide funding to blockchain firms based in Malaysia



“Together with MAVCAP, we are actively looking for Malaysian-based blockchain startups, particularly in the early stage"

 - LuneX Ventures founding partner Kenrick Drijkoningen

 Meanwhile, MAVCAP CEO Shahril Anas said with blockchain technology being increasingly adopted in Malaysia, the VC firm saw the opportunity to increase availability of funding for innovative start-ups in this space and invested in LuneX.

PETALING JAYA: Blockchain startups based in Malaysia can apply for growth funding from LuneX Ventures (LuneX), a Singapore-based dedicated blockchain and cryptocurrency fund.

Launched in 2018, LuneX partners Golden Gate Ventures, a venture capital firm that invests across South-East Asia.

Government-backed Malaysia Venture Capital Management Bhd (MAVCAP), the country’s largest venture capital (VC) firm, also invested in LuneX in 2019.

“Together with MAVCAP, we are actively looking for Malaysian-based blockchain startups, particularly in the early stage, to back and grow, ” said LuneX Ventures founding partner Kenrick Drijkoningen, noting that Malaysia has a lot of tech talent and a relatively young population picking up new trends rapidly.

“In Malaysia, we see the crypto finance movement being adopted by young people in droves, meaning for many of these products, there is a large market to find product market fit, ” he added.

Drijkoningen also pointed out there were bright prospects for blockchain start-ups in Malaysia as the country has a very open economy with a lot of cross border movement and finance - areas that blockchain technology will make significantly more efficient in years to come.

LuneX usually invests at the seed stage of financing, meaning the company is raising anywhere from US$100,000 to a few million dollars.

LuneX looks at whether the blockchain start-ups fits its investment thesis and the size of the markets they are operating in, in addition to the experience and passion of the founding teams.

“The best entrepreneurs are those who are able to pivot quickly if they see changing market conditions, ” said Drijkoningen.

He added that an oft-overlooked criteria is whether there is good working chemistry between the blockchain start-up and LuneX.

“An investment is very much a long-term commitment and working with each other should be productive, fun and an overall good experience for both parties, ” he said.

Drijkoningen said South-East Asia has boomed as a start-up ecosystem over the past 10 years and LuneX aims to ensure it also develops as a leading region for blockchain start-ups.

He recalled that while the blockchain ecosystem was heating up in 2017, there was no dedicated VC fund in South-East Asia specialising in the industry.

With this knowledge gap at traditional venture capital companies, it was hard for blockchain entrepreneurs to raise equity financing. Thus, tapping on the emerging blockchain ecosystem in South-East Asia, LuneX invests in blockchain and cryptocurrency-related early stage start-ups, as well as application tokens, protocol tokens, app coins andother digital and cryptofinance technology.

LuneX has a portfolio that is diversified across tokens in key players like Ethereum, Terra and Kyber; to equity in crypto finance infrastructural companies like Propine (custody), Merklescience (AML solution), Sparrow (Exchange) as well as blockchain application technology like Accredify and Keyless.

Other companies LuneX has invested in include Fleek, Stakewith.us, DEXTF, Blue Wallet, Accredify and Bank of Hodlers.

Drijkoningen said LuneX draws on a wide network to support its portfolio companies and help with business strategy, hiring, marketing and fund raising.

“Specific examples include placing senior management, working on a rebrand, introducing new round lead investors and helping prepare pitch decks, ” he said.

According to Drijkoningen, the Covid-19 pandemic has been positive for digital transformation and growth in blockchain and crypto finance has accelerated, as more things need to be done digitally.

“That being said, it has been more difficult to make investment decisions, as we do prefer to meet people in person, visit their office and spend some time socially.

“Nonetheless, we are in active talks with a number of start-ups and will continue to seek out opportunities to expand our portfolio, ” he said.

Regarding LuneX’s partnership with MAVCAP, Drijkoningen said both companies share similar long-term views and look to grow the industry together.

“MAVCAP has an amazing reputation and this helps with finding great talent and companies and providing them with the resources needed to succeed.

“Also, MAVCAP really understands how the future of finance, fintech and blockchain are merging into a new era of innovation, ” he said.

Meanwhile, MAVCAP CEO Shahril Anas said with blockchain technology being increasingly adopted in Malaysia, the VC firm saw the opportunity to increase availability of funding for innovative start-ups in this space and invested in LuneX.

“With our participation in this fund, we can provide greater opportunities for Malaysians entrepreneurs with innovative blockchain-based solutions, combining the expertise of LuneX in the blockchain industry with MAVCAP’s track record and deep knowledge of the local VC ecosystem, ” said Shahril.

He noted that LuneX has a wealth ofexperience in blockchain, which for MAVCAP is an uncharted sector.

“We are able to tap into the knowledge and experience of LuneX to provide training and actively engage with industry players, including regulatory bodies and start-ups, to create a conducive and secure blockchain framework for Malaysia.

“Also, our local VC talent pool gains technical know-how to be able to identify local start-ups with good potential and make investments in this sector, ” said Shahril.

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Sunday 27 April 2014

MaGIC, Malaysian Global Innovation and Creative Centre sign MoUs with Stanford University and UP Global


MaGIC sign MoUs with Stanford U. and UP Global CYBERJAYA: Prime Minister Datuk Seri Najib Tun Razak tonight witnessed the signing of memorandum of understandings between the Malaysian Global Innovation and Creativity Centre (MaGIC) and Stanford University and UP Global to foster and develop a vibrant entrepreneur eco-system in Malaysia.

Strongly backing the MaGIC concept, Najib said he believed in young people for their passion, energy and creativity.

"Hence opportunities and the ecosystem have got to be created for them to succeed.

"This is the just the beginning of a success story. We want to churn out young entrepreneurs who can command the world stage in the future," he said in his speech.

MaGIC, the one-stop centre which will provide all necessary facilities for entrepreneurs, aimed to transform Malaysia into a dynamic entrepreneurial nation by enabling domestic and international entrepreneurs to successfully start and grow their businesses.

Two of Stanford University's world-class schools, the Stanford Graduate School of Business and the Stanford School of Engineering, will collaborate with MaGIC.

Meanwhile, the partnership with UP Global is designed not only to increase the level of entrepreneurial activity and new company creation in Malaysia but also to develop Malaysia as a global startup hub and a center of activity for South East Asia.

Other collaborations that would complement MaGIC's efforts would be between the Malaysian Biotechnology Corporation and the California Institute for Quantitative Biosciences.

The collaboration would serve as a launching pad for the Bio-Entrepreneurship Programme which aimed to create an environment to enhance the commercialisation of bio-based products and services by local biotechnology researchers and entrepreneurs.

In addition, Malaysia Venture Capital Management Bhd (MAVCAP) also marked the kick-off of its third outsourced partner programme (OSPR) with its first OSP3 partner, Elixir Capital Management, a Silicon Valley-based fund manager to launch the ECM Strait Fund.

The Strait Fund would target growth equity investment opportunities in order to help scale up small to medium enterprises in the Asean region.

MAVCAP also signed a limited partnership agreement with a commitment of US$5 million from MAVCAP with 500 Durian LP, a local fund which aimed to invest in startups in the Southeast Asian region.

Durian LP would be managed by a California-based seed accelerator, 500 Startups.

These collaborations would further build entrepreneurship development programmes and accelerate the growth of an entrepreneurial nation while complementing MaGIC's initiatives

After the signing ceremony, Najib toured the MaGIC centre, located in Cyberjaya, a city poised to become the global technology hub.

US President Barack Obama is expected to launch MaGIC on Sunday in conjunction with his three-day visit to Malaysia beginning tomorrow.

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Obama to lend MaGIC touch 

Big role to play: The MaGIC in Cyberjaya will get some sound advice from Obama.

PETALING JAYA: The Malaysian Global Innovation and Creative Centre (MaGIC) in Cyberjaya, which is tasked with transforming Malaysia into a dynamic entrepreneurial nation, will get some sound advice – from President Barack Obama.

The United States leader will stop by in Cyberjaya on Sunday to be briefed and also provide a pep talk.

Special Envoy to the US Datuk Seri Jamaluddin Jarjis said it was a top priority to bring the president to the centre “to provide the inspiration.”

“The Government’s aim is to make Malaysia a high-income nation and to create a knowledge-based economy. MaGIC has a big role to play.

“The United State is all about innovation and there can be no better opportunity than having the president visit the centre,’’ he said.

Prime Minister Datuk Seri Najib Tun Razak, who has allocated RM50mil to MaGIC, is scheduled to accompany Obama to the centre after their talks in Putrajaya.

The president will witness the signing of an MoU between MaGIC and the Stanford Centre for Professional Development (SCPD) from The Leland Stanford Junior University, and with UP Global, a non-profit organisation set up to provide support for entrepreneurs.

The collaboration with SCPD will enable local entrepreneurs to enrol in courses and programmes while they continued with their businesses.

With a long history of creating talent for renowned multinational such as General Electric and Hewlett-Packard, SCPD was founded by Frederick Terman, better known as the “Father of Silicon Valley” who was the university’s Dean of the School of Engineering.

It is learnt that under the arrangement, SCPD faculty members would be brought to the centre to help in the transfer of knowledge with local entrepreneurs sent there to learn and meet with venture capitalists.

The second MoU with UP Global is a result of the 4th Global Entrepreneurship Summit (GES) held in Kuala Lumpur last year with the theme “Empowering and Connecting Entrepreneurs” organised by the Finance Ministry.

US Secretary of State John Kerry, who attended the GES event here, said the US would enter into a partnership to train 500,000 entrepreneurs from Malaysia and around the world over the next few years in 1,000 cities, including Kuala Lumpur.

Contributed by Paul Gabriel and Lim Wing Hooi

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