Axiata, Mavcap to invest RM12.5m in six technology companies

KUALA LUMPUR: Axiata Group Bhd, which has teamed up with Malaysia Venture Capital Management Bhd (Mavcap) to establish a RM100 million venture capital fund Axiata Digital Innovation Fund (ADIF), today announced its first investment worth RM12.5 million into six local-owned companies.

Speaking at a press conference, Axiata group COO Idham Nawawi said the group aims to further develop the technology companies, namely Tripfez, Easyparcel, Maideasy, Spot News, Easyuni and Supahands, in order to help them evolve into regional champions within the digital space area.

"We are in the best position to enable these companies to grow faster and bigger by providing not only funding, but also industry expertise and market access to Axiata's over 260 million customer base across Asia," he added.

Idham said the group will hold between 20% and 40% stakes in the companies, through their investment.

Established in December 2014, ADIF aims to enhance the capabilities of local technology companies, especially Bumiputera businesses with proven merit-based performance.