Business & Economy Startups Cradle’s startups attract US$10M commercialisation funding under CIP Catalyst programme

Cradle’s startups attract US$10M commercialisation funding under CIP Catalyst programme




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As per a study done by Cradle in collaboration with HELP University, CIP Catalyst has contributed US$824 million to the GDP of Malaysia

Malaysia’s government-backed early-stage VC fund, Cradle Fund, announced today that its portfolio startups attracted commercialisation funding worth RM41 million (US$9.94 million) from external investors under its investment programme, CIP Catalyst, from the year 2008 to 2016.

Launched in 2008 with up to RM150,000 (US$36,000) financing to fund innovative ideas and prototype development, CIP catalyst approved 375 ideas between 2008 and 2016, of which 168 were commercialised, with 42 ideas raising follow-on funding. Total approved funding was RM54.5 million (US$13 million).

Cradle also released the findings of its study done in collaboration with the HELP University (Malaysia). As per this study, CIP or Cradle Investment Programme has contributed RM3.4 billion (US$824 million) to the GDP and that contribution is projected to reach RM30.8 billion (US$7.5 billion) by 2030. The report also shows that the CIP has also contributed to job growth in the country creating 80,600 full-time jobs as well as attracting RM1.3 billion (US$315 million) in private and foreign funds over an eight-year period from 2008.

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Also Read: Wife alleges inconsistencies in investigation into Cradle CEO Nazrin Hassan’s death

Razif Abdul Aziz, Acting Group CEO of Cradle, said: “The CIP demonstrates that the right funding at the right time, combined with the extensive ecosystem development and support for which Cradle is known for, can bring far greater outcomes that that of ordinary public spending.”

“Entrepreneurs are becoming increasingly important to the global economy. Entrepreneurs drive innovation– often much more quickly than established competitors. Successful entrepreneurs, by definition, have figured out a way to do things better. They have challenged the status quo, asked tough questions and compete with established businesses. When an entirely new industry is created, the odds are that an entrepreneur is responsible. When entrepreneurs are able to innovate like this, they drive economic growth and create jobs at an even faster rate,” he added.

Incorporated in 2013, Cradle Fund backs potential and high- calibre tech startups through its Cradle Investment Programme (CIP). Till date, Cradle has helped fund over 800 Malaysian tech startups and holds the highest commercialisation rate amongst government grants in the country. Having more than a decade of experience in the nation’s grant funding scene, Cradle further expanded its role from grant provider to investor through the establishment of its venture arm, Cradle Seed Ventures in 2015.

Following its portfolio expansion to equity investment in early 2017, Cradle now offers both funding and investment assistance through its Cradle Investment Programme 300 (CIP300) and Direct Equity 800 (DEQ800).

The post Cradle’s startups attract US$10M commercialisation funding under CIP Catalyst programme appeared first on e27.

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