Selangor Journal
Menteri Besar Dato’ Seri Amirudin Shari delivers his speech during the launch of PNSB venture capital, at DoubleTree by Hilton Shah Alam, on September 6, 2022. — Picture by AHMAD ZAKKI JILAN/SELANGORKINI

PNSB allocates RM30 mln in venture capital funds for startups

By Nasuha Badrul Huzaini

SHAH ALAM, Sept 6 — Permodalan Negeri Selangor Berhad (PNSB) through its newly-established subsidiary PNSB Innovation Ventures Sdn Bhd (PIV) has allocated RM30 million in venture capital funds for potential startups in the Klang Valley.

Menteri Besar Dato’ Seri Amirudin Shari said the RM30 million is derived from the RM100 million allocation under the Selangor Innovation Fund that was announced during the tabling of the state’s 2021 Budget.

He said PIV will identify potential startups that can be invested in, which include companies are in operation or new companies.

“They will complement the Selangor Information Technology and Digital Economy Corporation’s (Sidec) role in finding promising startups that can be the next big thing.

“As of now, we have identified five to six companies from various backgrounds, including the service sectors, fintech, healthtech and property that we would like to invest in.

“As a start, we aim to channel between RM500,000 to RM1 million to shortlisted companies. However, the amount can be increased from time to time, depending on the needs and the direction of each company,” Amirudin said at a press conference after the launch of PNSB venture capital, earlier today.

Also in attendance was PNSB chief executive officer (CEO) Raja Ahmad Shahrir Iskandar Raja Salim and Sidec CEO Yong Kai Ping.

Meanwhile, Raja Ahmad Shahrir said PNSB has been mandated to spearhead the venture capital fund segment for Selangor.

“This is a rather new segment for us, since we are heavily involved in property development as our core business. However, the new move is aligned with PNSB’s strategy to continue diversifying our revenue sources through new business segments.

“In fact, we are the first state government subsidiary in Malaysia to explore the venture capital segment, with full support from the Selangor government,” he said.

At the same event, PNBS also inked the Memorandum of Understanding (MoU) with Sidec to be the latter’s strategic partner for the implementation of the Selangor Accelerator Programme (SAP 2022).

Organised by Sidec, SAP is an intensive and structured three-month programme that will benefit tech startups in Selangor with excellent guidance from well-versed mentors, as well as comprehensive workshops that can further prepare them to become investment-ready.

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