Worldbridge-owned Ooctane, a new local venture capital firm, announced its soft launch on Tuesday, with expectations of providing $5 million to help promote and finance startups and small- and medium-size enterprises in the Kingdom.
Rithy Sear, chairman of Worldbridge Group, a Phnom Penh-based logistics service provider, said the aim in launching Ooctane was to help young entrepreneurs who lacked access to financing.
He said Ooctane will bring a high-powered team of finance and technology professionals to work with young entrepreneurs and new startups.
“We are here to make sure that there is sufficient venture capital available to promote new startups and jumpstart Cambodia into the digital century,” he told The Post.
Ooctane will provide support in mobile technology, logistics, electronic commerce, financial technology, agricultural technology, educational technology, health and tourism, Sear said.
For new startups, the fund would provide between $5,000 and $10,000, while startups that have at least a minimum viable product could receive funding of at least $25,000.
Proeun Panhery, who is looking to start up a digital tourism platform, welcomed the news and said her team would submit an application for financing from the new company.
“This is an opportunity for us because we don’t have enough resources to make [our project] happen. I will take my team and business idea to Ooctane.
“The most important aspect is that Ooctane will be with us, train us and build up and strengthen our business operations so that we can reach our goals,” she said.