Malaysia’s Petronas sets up $350-million startup fund
Malaysia’s state-backed oil and gas company Petronas has set up a $350-million venture capital fund in order to make direct investments in technology startups around the world, primarily through picking a minority stake in early growth-stage firms.
“A $350-million fund for investment has been allocated for Petronas corporate venture capital to target direct investments in technology startups in industry 4.0, advance materials and specialty chemicals, future of energy, digital transformation, retail innovation, as well as access into new markets,” the company said in a statement.
The fund will focus on the venture capital ecosystems both in Silicon Valley and Malaysia in order to “scout visionary entrepreneurs to solve critical problems in the industrial and energy space through breakthrough technology and innovative business models,” the statement went on.
The funds comes after Petronas recently launched a startup and accelerator programme called Petronas FutureTech in partnership with Silicon Valley-based venture and seed capital fund 500 Startups. ´
“Petronas FutureTech aims to discover and nurture home-grown technology entrepreneurs, scale them up to global standards, as well as build and influence the tech-driven startup ecosystem in the country,” the company noted.
In the first round, up to 20 Malaysian startups will be selected to undergo an intensive eight-week programme.
Malaysia’s state-backed oil and gas company Petronas has set up a $350-million venture capital fund in order to make direct investments in technology startups around the world, primarily through picking a minority stake in early growth-stage firms. “A $350-million fund for investment has been allocated for Petronas corporate venture capital to target direct investments in technology startups in industry 4.0, advance materials and specialty chemicals, future of energy, digital transformation, retail innovation, as well as access into new markets,” the company said in a statement. The fund will focus on the venture capital ecosystems both in Silicon Valley and Malaysia...
Malaysia’s state-backed oil and gas company Petronas has set up a $350-million venture capital fund in order to make direct investments in technology startups around the world, primarily through picking a minority stake in early growth-stage firms.
“A $350-million fund for investment has been allocated for Petronas corporate venture capital to target direct investments in technology startups in industry 4.0, advance materials and specialty chemicals, future of energy, digital transformation, retail innovation, as well as access into new markets,” the company said in a statement.
The fund will focus on the venture capital ecosystems both in Silicon Valley and Malaysia in order to “scout visionary entrepreneurs to solve critical problems in the industrial and energy space through breakthrough technology and innovative business models,” the statement went on.
The funds comes after Petronas recently launched a startup and accelerator programme called Petronas FutureTech in partnership with Silicon Valley-based venture and seed capital fund 500 Startups. ´
“Petronas FutureTech aims to discover and nurture home-grown technology entrepreneurs, scale them up to global standards, as well as build and influence the tech-driven startup ecosystem in the country,” the company noted.
In the first round, up to 20 Malaysian startups will be selected to undergo an intensive eight-week programme.
