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MDEC launches program to help raise funds; companies need yearly turnover of RM300k

MDEC has formed partnerships with 11 ECF and P2P operators.


MDEC launches program to help raise funds; companies need yearly turnover of RM300k | BEAMSTART News

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Malaysia Digital Economy Corporation (MDEC) has launched a new program to help companies raise funds, especially those struggling with cash-flow issues due to the global pandemic.

The new program, also known as the Alternative Funding Program, is a partnership between MDEC alongside 11 equity crowdfunding and P2P platforms to provide financing support.

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The partners include ATA Plus, CrowdPlus.asia, Eurecca, Leet Capital, pitchIN, B2B Finpal, CapBay, Funding Societies, microLEAP, MoneySave, and QuicKash.

Official website for the program.

To be eligible, companies must be incorporated in Malaysia for at least a year and have generated a minimum annual turnover of RM300,000 (~$74k).

This is MDEC’s second year running the same program, led by its Global Growth Acceleration Division (GGA).

Last year, 16 companies participated in the program, raising a total of RM19.89 million ($5 million)

“With the continued disruption to businesses caused by the COVID-19 pandemic in 2020, it is crucial for startups in Malaysia to be able to explore multiple avenues for funding. While initiatives like the Dana Penjana Nasional have done much to address the funding gaps for startups in Malaysia, it is in the best interest of MDEC for them to have more options to ensure sustainable cash flow,” said Surina Shukri, CEO of MDEC.

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ABOUT THE AUTHOR

Alfred Lee

Journalist at BEAMSTART. I write about breaking business news in the region.

Based in Malaysia

Works at BEAMSTART

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MDEC

Malaysia Digital Economy Corporation

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