KUALA LUMPUR: The startup ecosystem in Kuala Lumpur has generated more than RM220 billion (US$47 billion) in ecosystem value from 1 July 2021 to 31 December 2023, said Cradle Fund Sdn Bhd.
The agency – operating under the Finance Ministry and administered by the Ministry of Science, Technology and Innovation (MOSTI) – said that the ecosystem value measures the city’s economic impact from the value of exits and startup valuations.
In a statement, Cradle said that KL also received recognition in the latest Global Startup Ecosystem Report (GSER) 2024, placing it among the top 30 emerging ecosystems, which reflects its rapid growth and substantial economic impact.
Its Group Chief Executive Officer Norman Matthieu Vanhaecke said these achievements underscore the efforts and strategic initiatives to foster a conducive environment for startups.
“Malaysia views startups as a pivotal force in driving local innovation and technological advancement. Cradle seeks to combine the resources and experiences of all ecosystem stakeholders.
“With a consistent commitment to cultivating a high-performing, inclusive, globalised and sustainable ecosystem, Cradle envisions propelling Malaysia to the forefront of the global startup ecosystem,” he said.
According to the GSER 2024 report, Kuala Lumpur’s ecosystem has also received notable rankings in several key areas within Asia, namely the Top 15 Asia Ecosystems in Funding, the Top 20 Asia Ecosystems in Performance and the Top 20 Asia Ecosystems in Talent and Experience.
— BERNAMA
