At the beginning of February, The Maltese Economy Minister, Chris Cardona, launched a new program called Venture Capital Malta (VC-MT). It is a joint initiative between the governmental organization Malta Enterprise and Malta Investment Management Company Limited (Mimcol) and the support of financial service providers in the private sector. Venture Capital Malta’s aim is to create a platform that would help start-up companies in Malta.
Chairman of Malta Enterprise, Mario Vella, declared that Venture Capital Malta will not receive any funds from the Government, but will hopefully attract venture capitalists that will help start-up companies. The main objective of Venture Capital Malta is to develop a new platform that, through private equity and venture capital, will support new companies in Malta.
Present at the launching, the Chairman of the Commonwealth Business Council, Lord Marland, will also be involved in the new project by offering guidance for quicker registration procedures of Maltese small and medium-sized companies.
Economy Minister declared the next step, after launching VC-MT in the country, will be the international launching of the program in London where the program will, hopefully, draw the attention of high-profile venture capitalists, thus attracting more foreign investments in Malta. Another objective of VC-MT is to promote Malta as a venture capital destination.
The foundation stone of Venture Capital Malta was the successful development of the financial services sector. The development of the financial services sector was based on the strong banking sector that will once again help an initiative by providing funding for start-up companies in Malta.
It is also believed the VC-MT will further enhance the banking sector, but also other Maltese foreign investment incentives or schemes already funded by the Government. Venture Capital Malta will be a platform enabling start-ups to access financing that, in regular circumstances, is not available.
According to Stanley Misfud, manager of Malta Investment Management Company Limited, Venture Capital Malta is a start-up itself and its main role is to help other start-ups to grow.