Brunei to launch fund to boost startup industry
BANDAR SERI BEGAWAN, Brunei (MNTV) — Brunei is set to launch a fund aimed at helping promising local startups scale up and compete internationally, according to The Scoop.
The Startup Catalyst Fund is in the final stages of development, Dato Dr Hj Mohd Amin Liew Abdullah, second minister of finance and economy, said during a Legislative Council meeting.
The fund will operate through a co-investment model as the Brunei Economic Development Board (BEDB) will collaborate with venture capital firms on a one-to-one investment basis.
Beyond financial backing, the venture capital firms will offer strategic support including mentorship; access to global networks; innovation, research and development; as well as strengthening corporate governance and oversight.
BEDB has taken the lead in attracting both regional and international venture capital firms to invest in Brunei, the minister added.
Once finalised, collaboration agreements with regional venture capital firms, including those from Malaysia and Singapore, will be signed to facilitate the first investments into local startups later this year.
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