KUALA LUMPUR: Axiata Digital Innovation Fund (ADIF) has committed RM12.5 million to six Malaysian technology company selected for their blockbuster potential to take off regionally.

The amount is the first batch of investments from the fund’s RM100 million commitment, making ADIF the largest digital services corporate venture capital fund in Malaysia.

ADIF is funded by Axiata Group Bhd (RM50 million), Malaysian Venture Capital Management Bhd (RM20 million), with the remainder RM30 million will be pumped in from companies interested in joining this fund.

Axiata, Malaysian Venture Capital (MAVCAP) and Intres Capital Partners Sdn Bhd today announced the six local technology companies selected and being injected with varying amounts of the RM12.5 million being disbursed.

The six companies are: Maideasy, Tripfez, Easyparcel, Easyuni, Spot News, and Supahands.

Intres is managing ADIF for this purpose and said that it is in various stages of talks with interested parties keen to join the venture with investments for the remainder RM30 million.

“Axiata’s aim is to further develop these locally successful Malaysian companies and help them evolve into regional champions within the digital service space,” said Axiata’s Group Chief Corporate Officer Idham Nawawi.

He added that Axiata was 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 260 million customer-base across Asia.

Source: New Straits Time Online