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Mavcap expects to seal 15 new deals by year-end

-Business Times | March 17, 2011

THE country’s largest venture capital company Malaysia Venture Capital Management Bhd (Mavcap) expects to close up to 15 new investment deals worth up to RM15 million each by end- 2011.

Its vice-president for investments Renee Marcia Ramesh said currently, most of the deals are already in the final stages, involving mainly those in the information communication technology (ICT) sector.

“We are reviewing between 50 and 60 applications for seed funding right now from local ICT companies,” she said.

Renee said Mavcap received a sizeable number of applications to date, especially from software development companies – the fastest growing segment within the ICT sector.

She said the proposed investments vary between each company, from RM5 million to RM15 million, depending on their needs and potential to expand the market reach of their products in both local and international markets, as envisioned in Malaysia’s strategic ICT development plan.

“They (companies) need to go through a strict evaluation process before being granted with the seed funding,” she said.

Formed in 2001 by the government, Mavcap’s investment focus is mainly in the ICT sector and other high growth industries such as renewable energy.

Moving forward, Renee said Mavcap is exploring new sectors for potential investments, namely in renewable energy.

“So far, we have closed two deals in renewable enery involving investments of at least RM20 million each and will be looking for more,” she added. – By Azlan Abu Bakar

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