Business-friendly policies vital for VC space

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Mavcap, the country’s largest VC firm, says changes must include incentivising foreign venture capitalists to invest in the local market.

To ramp up the VC industry in Malaysia, Shahril said Mavcap has pivoted its direct investment model to the fund-of-funds approach, called the “Strategic Funds” model.

“Important factors to facilitate VC growth include business-friendly policies, favourable tax regimes, an efficient legal system and high-quality infrastructure,” he told StarBiz in an interview. Shahril believes another differentiating factor was the rapid digitalisation and aggressive growth of the digital economy in neighbouring countries through higher capital injection, mainly driven by private sector participation.“Hence, serving this unbanked population is a priority in the market, putting financial technology services in higher demand,” he noted.

“As a result, promising entrepreneurs turn to markets outside Malaysia to seek out funding,” he noted. “Subsequently, this will see a readjustment of valuation for deals, where mega rounds and valuations are unlikely, and startups need to show a clear path to profitability,” he justified, adding it may result in fewer deals in 2023.

 

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