KUALA LUMPUR, May 12 (Bernama) — Following the recent announcement by the Minister of Science, Technology and Innovation, Yang Berhormat Khairy Jamaluddin, on a new funding relief facility for technology start-ups, Malaysia Debt Ventures Berhad (MDV) on 11 May 2020 announced the detailed framework, eligibility requirements and application processes of the RM100.00 million Technology Start-Ups Funding Relief Facility (TSFRF). The facility, which is targeted to benefit between 40 to 60 technology start-ups, will be available for applications for the first start-ups cohort beginning 18 May 2020 until 31 May 2020. Subsequent application windows will be opened until the entire fund of RM100.00 million is fully committed. The TSFRF will be funded via a soft-loan from the Government to MDV.
The TSFRF is open to all Malaysian technology start-ups that are either backed by VC companies or any Government agencies. The start-ups companies must fulfil one of the following criteria: the majority of the company’s equity is owned by Malaysian(s); the majority of its staff are Malaysians; or the majority of revenues are generated in Malaysia.