RM100 million to help startups get back on their feet through the TSFRF Funding by Malaysia Debt Ventures (MDV)

The Malaysian Government announces the funding of RM100 million to help startups get back on their feet through the TSFRF Funding by Malaysia Debt Ventures (MDV).

9 May 2020 – As part of the government’s plan to reconstruct the economy during and through this pandemic, three key initiatives were announced yesterday by the Ministry of Science, Technology, and Innovation (MOSTI) – one of which will be RM100 million in low interest loans to be handled by MDV, to aid startups. The news was well received by startups, including Everpeaks‘ very own CEO, Joachim Sebastian.

“Prior to this, startups don’t usually qualify for traditional funding such as this. Therefore, an alternative funding and equity mechanism is essential in helping (us) stay afloat during this COVID-19 pandemic,” Joachim said.

ScaleUp Malaysia co-founder Aaron Sharma also weighed in, saying that as a body of growth for the ecommerce ecosystem, they hope to continue being in discussion with MOSTI, while being able to provide the necessary support for startups. Veteran entrepreneur and another ScaleUp co-founder Dr. Sivapalan Vivekarajah also shared the same sentiment, and believes that the entire ecosystem needs to move together as a unit, working hand-in-hand to create collaborations, and not just rely on the government for help.

The TSFRF will be launched on the 15th of May, and will be open to application by all tech startups. More info on the TSFRF can be found here.

To read the full write up by Astro Awani, click on the link below.


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