Cambodian cellco Smart Axiata announced that regional insurance provider Forte Insurance will join the Smart Axiata Digital Innovation Fund (SADIF) as co-investor to help spur Cambodia’s digital economy.
SADIF also announced the first three startups to receive a share of the $5 million digital venture capital fund: e-commerce delivery and logistics solutions company Joonaak Delivery; core banking software platform company Morakot Technology, and 3D printing comparison company Aniwaa.
SADIF, created by Smart Axiata and managed by investment and advisory firm Mekong Strategic Partners (MSP), was established earlier this year to invest and provide strategic insights into creative and dynamic Cambodian-based digital businesses. It promises to empower aspiring entrepreneurs and provides vital funds
“We are joining forces with Smart and MSP in this digital innovation fund because we are confident that Cambodia’s digital economy is primed to grow in the next few years,” said Charles Cheo, CEO of Forte Insurance.
Joonaak offers digital support to online retailers as well as warehousing, delivery and customer support services in an increasingly competitive e-commerce environment in Cambodia. also hugely helpful of course,” explained Joonaak’s CEO, Jay Kong.
For Morakot , a software and digital support company that focuses on back- and front-office support for Microfinance Institutions (MFIs), the funds from SADIF will help them explore new markets in ASEAN where microfinance lenders face similar challenges to their Cambodian counterparts.
Aniwaa , which runs a 3D printer comparison website, is looking for SADIF to help them transform into a global digital content platform, which thousands of visitors use every day to find the right 3D printing and emerging tech products.
The scale or nature of funding for Morakot, Joonaak and Aniwaa was not revealed during the announcement. However, during the SADIF launch in March 2017, both Smart and MSP said that investments from the fund will range from $25,000 to $500,000 depending on the stage, industry and funding requirements of the companies.