US$5 Million Fund for Digital Innovation Launched

Smart Axiata has launched a US$5 million venture capital fund for Cambodia for the digital service companies and start-ups, which seeks to invest in ideas and businesses in the digital ecosystem to spark the development of a robust digital economy.

The launching ceremony was held here yesterday under the presidency of Minister of Posts and Telecommunication H.E. Tram Iv Tek, Chief Executive Officer of Smart Mr. Thomas Hundt, wiith the participation of representatives from Cambodia's tech community.

Mr. Thomas Hundt said this was thrilled to unleash the potential of this fund, one of many more upcoming digital endeavors by the company as it continues to be a key development partner in Cambodia's ICT sector.

"Today, a new chapter in Cambodia's digital journey is about to start as we anticipate that the fund will kick-start the next wave of digital growth," Mr. Hundt said. "We are looking for companies or entrepreneurs in the technology space, related to sectors such as financial technology, digital commerce, entertainment, social media, advertising, education and healthcare."

The Smart Axiata Digital Innovation Fund has been devised by Smart in partnership with investment and advisory firm Mekong Strategic Partners. Individual investment from the Fund will vary from US$25,000 to US$500,000 according to the stage, industry, and funding requirement of each business.

H.E. Tram Iv Tek congratulated Smart for launching this fund which is in line with the Ministry of Posts and Telecommunications' ICT Development Policy 2020 and looked forward to the fruits of this latest initiative.

"Smart is one of our key development partners in Cambodia's digital journey and we appreciate their support through initiatives like the Digital Innovation Fund and SmartStart which provides significant practical and financial backing for our digital pioneers," H.E. Minister said.

H.E. Tram Iv Tek firmly believed that the Fund will generate more national Digital Talents and contribute towards spurring Cambodia's digital innovation and economy.

Source: Agency Kampuchea Press