Logo of Phnom Penh Post newspaper Phnom Penh Post - VC firm Ooctane begins soft launch in Kingdom

VC firm Ooctane begins soft launch in Kingdom

Content image - Phnom Penh Post
A venture capital firm owned by logistics giant Worldbridge is set to promote and finance enterprises in the Kingdom. Sahiba Chawdhary

VC firm Ooctane begins soft launch in Kingdom

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.

MOST VIEWED

  • Government hits back at threats to pull EBA, suspend UN seat

    The spokesman for the ruling Cambodian People’s Party (CPP) has said the government is in no way concerned after the European Parliament gave it three months to reverse what it called the “systematic repression of the political opposition”. Ignoring the ultimatum could mean facing

  • Chinese influx pushing locals, Westerners out of Preah Sihanouk

    Some within the Kingdom’s tourism industry have speculated that the recent influx of Chinese visitors may hinder domestic tourism as the price of accommodations in the coastal city of Sihanoukville continues to rise. Preah Sihanouk province, which has become a hotbed for Chinese investment

  • Sar Kheng: Sokha requested security

    Interior Minister Sar Kheng on Sunday revealed the story behind the transfer of former opposition party leader Kem Sokha from Trapaing Phlong prison in Tbong Khmum province to his house in the capital. Speaking at the ruling Cambodian People’s Party (CPP) headquarters in Prey

  • ‘Dire consequences’ from sanctions, warns AmCham

    American businesspeople in Cambodia have warned that any sanction against the Kingdom would have “dire consequences” that could push Cambodia even further into the arms of China. In a letter to US senators and representatives dated Monday, the American Chamber of Commerce Cambodia (AmCham) said