Please be informed that Cradle office will be closed from throughout CMCO in line with the Conditional Movement Control Order (CMCO) announced by Senior Minister (Security Cluster) Datuk Seri Ismail Sabri Yaakob recently.

Press Release


KUALA LUMPUR, 19 MAY 2020 – Malaysia’s early stage start-ups influencer, Cradle Fund Sdn Bhd (Cradle) today announces the appointment of Puan Rafiza Ghazali as the Group Chief Executive Officer (CEO) with effect from June 1, 2020. 

Rafiza brings a wealth of experience in Strategy, Innovation, Finance and Business Management. She is currently the Chief Financial Officer (CFO) at Velesto Energy Berhad, a Malaysian-based multinational player in the upstream oil & gas sector.

Rafiza started her career at Arthur Anderson & Co. in Australia and later held senior roles in several leading organisations including Bank Negara Malaysia (BNM), RHB Investment Bank Berhad, Thomson Reuters and Sime Darby Berhad.

“Rafiza’s appointment reinforces the Board’s commitment to ensuring Cradle’s role in creating a sustainable ecosystem for the start-up community. Our immediate priority in this current COVID-19 crisis is to enable the Malaysian start-ups and tech entrepreneurs navigate through the challenges and to evolve with the changing landscape. This search for the CEO role has gone through an extensive process, working closely with the Ministry of Science, Technology and Innovation (MOSTI) and the Ministry of Finance (MOF),” said Datuk Yvonne Chia, Chairman of Cradle.

The Board thanks Encik Razif Abdul Aziz, currently the Acting Group CEO who will resume back his role as the Chief Operating Officer from June 1, 2020.


About Cradle Fund Sdn. Bhd (Cradle)

Cradle Fund Sdn Bhd (Cradle) is Malaysia’s early stage start-up influencer, incorporated under the Ministry of Finance Malaysia (MOF) in 2003 with a mandate to fund potential and high-calibre tech start-ups through its Cradle Investment Programme (CIP). Cradle is presently administered by Ministry of Science, Technology and Innovation (MOSTI).

Throughout its 17-years history, Cradle has helped fund over 1000 Malaysian tech start-ups and holds the highest commercialisation rate amongst government grants in the country. Having more than a decade of experience in the nation’s grant funding scene, Cradle further expanded its role from grant provider to investor through the establishment of its venture arm, Cradle Seed Ventures in 2015 and following its portfolio expansion to equity investment in early 2017, Cradle offers both funding and investment assistance through its Cradle Investment Programme 300 (CIP300) and Direct Equity 800 (DEQ800) until late 2019.

Cradle also runs a market-driven programme to train entrepreneurs and administers the Angel Tax Incentive (ATIO), designed for angel investors to be accorded a tax deduction of up to RM500, 000 to stimulate and encourage angel investments from private sector into technology based start-up companies in Malaysia.

Cradle’s product offerings are not only restricted to monetary aid, but also include commercialisation support, coaching and various other value-added services to cater today’s entrepreneurs’ diversified needs.

For more information on Cradle, please visit

Members of the media may contact Caroline Jintoni at +6019 293 9096 or email at to arrange for an interview or for more information.


Dear Valued Entrepreneurs, Partners & Start-ups, The Malaysian Government has announced a Movement Control Order (MCO) from the 13th January – 26th January 2021 in 6 states including Kuala Lumpur by the Prime Minister, Tan Sri Muhyiddin Yassin on the 11th January 2021.

Please note that Cradle has never appointed any agent or representative to act on our behalf. If you have been approached by any party, who claims to be the representative or agent appointed by Cradle, who claims to be able to facilitate or guarantee in securing grants/funds from Cradle, whether in return for a fee/favour or otherwise OR if you have doubts about the authenticity and credibility of such party, please contact the Management immediately.