BANDAR SERI BEGAWAN – The Brunei Economic Development Board (BEDB) is set to launch a new fund aimed at helping promising local startups scale up and compete internationally.
The Startup Catalyst Fund is in the final stages of development, Dato Dr Hj Mohd Amin Liew Abdullah, second minister of finance and economy, announced on Saturday during a Legislative Council meeting.
The fund will operate through a co-investment model, where BEDB collaborates with venture capital firms on a one-to-one investment basis. This approach will provide financial support while also enabling startup businesses to expand their target markets abroad.
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.