On June 19, 2020, Malaysia’s early stage startup influencer Cradle Fund Sdn Bhd (Cradle) revealed 2 new investment programmes with higher fund limits: Cradle Investment Programme Ignite (CIP Ignite) and Cradle Investment Programme Accelerate (CIP Accelerate).
This was done at a launch officiated by YB Khairy Jamaluddin, Minister of Science, Technology & Innovation.
The new grants come after an announcement last year that Cradle would like to enhance its Cradle Investment Programme 300 (CIP300) and Direct Equity 800 (DEQ800) in order to cater to a wider audience.
With these new funding programmes, Cradle hopes to provide more opportunities for local companies to explore prototype development, commercialisation of innovations as well as accelerate their growth.
1) CIP Ignite
The CIP Ignite is designed as a conditional grant of up to RM500,000 to help support early stage technology based startups, SMES or spin-off companies from universities or research institutes.
The grant is divided into 2 distinct components:
- CIP Ignite (1) for deep tech innovations and the conversion of validated prototypes to market-ready products/services, suitable for companies with a Technology Readiness Level (TRL) of 5-7,
- CIP Ignite (2) for other innovative tech based companies to commercialise their products/services, suitable for companies with a TRL of 8-9.
2) CIP Accelerate
CIP Accelerate is a programme that provides funding of up to RM2 million, and it’s focused on accelerating the growth of deep tech companies and spin-offs from universities and research institutes.