Today marks an important step in our country towards fostering innovation and entrepreneurship as the government officially launched the Malta Venture Capital Ltd, a €10 million fund aimed at providing equity investment in focused startup companies on innovative technologies.
During the first TechXpo held in Malta last September, the concept of the Venture Capital Fund was announced, which recognized the need for such a fund in Malta. Since then there have been 46 startups that have shown interest, as well as 16 investors that have shown interest and 6 of them have already applied to partner with the Government and invest their private funds.
The Minister for Economy, Enterprise and Strategic Projects Silvio Schembri inaugurated the new offices from where Malta Venture Capital Ltd will start operating.
The minister explained how this fund will be assisting startups to create innovative products and solutions. “Through this fund we are ensuring that we have a healthy ecosystem, with support and financing measures. We look forward to see start-ups develop their ideas through this support we are offering them,” said Minister Silvio Schembri.
The sectors that this fund will be focusing on are, video gaming, esports, ICT, Fintech, Life Sciences, Pharma, Green Energy, Filming Industry, Agritech, AI, blockchain, Communications, Electronics, Financial Services, Medical Devices , Software, Technology, VR, Bluewater Industries and Digital Technologies.
These sectors were chosen strategically due to their existing presence in Malta and their potential for growth and sustainability. They offer high quality work opportunities and operate in compact spaces, making them viable contributors to the economy.
The Chairperson of Malta Venture Capital Jesmond Gatt explained that, “Within two years, many companies will be investing and thus be able to expand their operations. New funds will also be generated for companies that need investment in the coming years.”
Photos: MEEP
