Cradle and Golden Gate in 1:1 matching fund pact
Duo to fund as much as 5 corporations a yr with annual general allocation of RM2.5mil Cradle plans to forge comparable partnerships with local VCs and angel syndicates CRADLE Fund Sdn Bhd (Cradle), a non-earnings under Malaysia’s Ministry of Finance, has joined forces with Singapore-primarily based seed fund provider Golden Gate Ventures Pte Ltd (GGV) to co-spend money on Malaysian early-level technology corporations. The two organisations have agreed to a one-to-one healthy in funding quantities -- with any sum GGV affords in investment, Cradle will fund an same quantity into the chosen technology startup however will now not take any fairness within the invested organisation. Under the agreement, Cradle and GGV will fund up to five businesses a yr with an annual general allocation of RM2.five million (US$776,690), Cradle stated in a assertion. Selected generation startups will each get hold of a most of RM500,000 (US$a hundred and fifty five,340) or the equivalent quantit...