As part of a new investment initiative established by the Asian Development Bank (ADB), seven angel investors descended on Phnom Penh last Friday to meet with nearly a dozen startups and small businesses at the WECREATE Cambodia Centre.
Known as the Mekong Angel Investment Network, the iniatitive aims to tap into Cambodia’s growing startup culture and support entrepreneurial endeavours with guidance and early stage risk funding. The network will create business incubators and provide financial lending services for startups in the CMLV (Cambodia, Laos, Vietnam and Myanmar) region.
“Over the next three years we want to see 30 companies successful at some state, with hundreds of thousands of dollars invested into Cambodian startups,” said Steve Landman, managing partner of the Lotus Fund. Vietnam-based fund manager Lotus Fund is one of the co-creators of the project, which has also received financial support from the Australian government.
“One of the biggest goals is to get 1,000 angels coming through the region every year,” said Landman.
The importance of this angel investor network is underscored by the fact that access to credit continues to be one of the hardest challenges faced by local SMEs and startups.
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