Fund launched to expand agrifoodtech ventures

KUCHING: The Sarawak AgriFoodTech Sustainability Impact Fund, the first of its kind in Malaysia, has been launched to provide the necessary capital to scale and grow agrifoodtech ventures in the state.

The groundbreaking effort, established in collaboration Borneo Ventures Link (BVL) and First Frontier Ventures (FFV), under the Sarawak Ministry of International Trade, Industry, and Investment, represents a key milestone in the state’s pursuit of sustainable food and agriculture.

Premier Datuk Patinggi Tan Sri Abang Johari Tun Openg said that Fund is to ensure that Sarawak leverage frontier technologies to enhance food production and productivity throughout the state.

“The launch of the Fund is a significant milestone in our bid to shape the future of our food and agriculture sector and solidify Sarawak’s position as a leader in sustainable food production,” he said.

He said this in his text of speech read by Deputy Premier Datuk Amar Douglas Uggah Embas during the official launching of the Fund at Riverside Majestic Hotel on Wednesday.

Uggah takes a closer look at some project materials during the Sarawak AgriFoodTech event.

Abang Johari further said that the Fund is also a cornerstone of the strategy to revolutionise the food and agriculture sectors in Sarawak.

“This fund, established in collaboration with BVL and FFV is not just a financial tool but a catalyst for transformative change.

“It aims to empower local farmers, agropreneurs, and innovators by helping them adopt advanced technologies and enhance the value of their agricultural outputs,” he said.

He added that the establishment of BVL, a special private vehicle in partnership with Land Custody and Development Authority (LCDA), is timely to drive the food systems transformation for Sarawak.

“LCDA’s extensive knowledge and experience in land management and agricultural development will be invaluable in guiding our efforts and ensuring the success of the Fund.

“This initiative represents a strategic alignment with our broader vision of advancing agrifoodtech and addressing regional food security challenges effectively,” he said.

He also said the Fund is closely aligned with Sarawak’s broader vision of advancing agrifoodtech and addressing regional food security challenges.

The Fund stands as a pioneering force exclusively dedicated to advancing agrifoodtech, scaling viable solutions for food security, nutrition, and economic growth.

“As a catalyst, Sarawak proudly leads the charge in revolutionising food systems,” he said.

He added the Fund will deliver substantial economic, social, and environmental benefits, positioning Sarawak as a leader in agrifood innovation.

Besides that, he said a venture capital fund will be established with a joint-venture capital facility.

“The Sarawak government may consider providing investment fund, subject to terms and conditions to be discussed further,” he said.

He said the venture would involve the establishment of 30 new startups and the launch of the Borneo Venture Studio, a specialised hub aimed at developing agrifoodtech solutions.

“The studio will focus on addressing Sarawak’s specific agricultural challenges, enhancing productivity, and fostering innovation,” he said.

On a related note, he said an International Agrifoodtech Festival will be organised later this year that will see the participation of the 30 startups.

“This international event to be organised by the impact circle in collaboration with the relevant agencies will serve as a platform to recognise and celebrate the ground-breaking contributions of these startups as they embark on their mission to drive meaningful change in our agrifood sector,” he said.

He added the event is designed to innovate and elevate Sarawak’s food and agriculture sector through a comprehensive, multi-faceted approach, supported by substantial investment capital.

“It will also showcase Sarawak’s initiatives and achievements in modernising its food and agriculture sectors, positioning the region as a pioneering catalyst and the first in Malaysia to achieve a multi-level transformation in the AgriFoodTech sector,” he said.

The Fund is a landmark initiative with a total fund size of RM100 million while the event underscored the collaborative effort between these organisations and the Sarawak government to drive transformative change in the agrifood sector.