Penjana Kapital raises funds to support start-ups in Malaysia

Penjana Kapital Sdn Bhd, a company owned by the Government of Malaysia and set up to implement the Dana Penjana Nasional (DPN) programme, has raised RM676 million in start-up capital.

Of the total amount raise, eight Malaysia-based venture capital (VC) fund managers, chosen as part of the DPN programme, will initially invest a total of RM110.15 million in eight start-ups. Out of the eight companies, RM60 million will be allocated to three start-ups in the transportation, mobility, and property sectors that are located in the ASEAN countries.

The DPN scheme is a fund-of-funds programme under the Penjana economic stimulus plan that has a target allocation of RM1.2 billion. As a part of the program, the government will match RM600 million, on a 1:1 basis, of the funds raised from international and private domestic investors by the VC fund managers.