Angkor 500 to support Cambodian entrepreneurs

Angkor 500 is a new venture formed by Khmer Enterprise, and San Francisco based global capital venture firm, 500 Startups. The two-year partnership will aim to support Cambodian entrepreneurs. Angkor 500 is a new venture formed by Khmer Enterprise, and San Francisco based global capital venture firm, 500 Startups

Angkor 500

Angkor 500 will aim to "support (Cambodian) entrepreneurs in their efforts to establish startups and prepare for regional expansion." Chhieng Vanmunin, chief executive officer (CEO) of Khmer Enterprise said "It’s expected that this programme will successfully lift Cambodian startups’ profile for international investment. It is time to start local, scale to regional and engage with global." 500 Startups will conduct a range of programs, including:

• Startup Generation programs - bring together founders from throughout the country to form teams and technology companies.
• Globalisation Bootcamps - designed to improve the readiness of Cambodian startups for engagement with international markets and investors.
• International Showcases - raise the global profile of the Cambodia ecosystem by connecting startups to key industry stakeholders and corporate partners.

The Khmer Times reports that Vongsey Vissoth, Minister Attached to the Prime Minister, Permanent Secretary of State of the Ministry of Economy and Finance and Chairman of Entrepreneurship Development Fund, suggests that this program will 'ignite Cambodia’s vibrant entrepreneurial ecosystem with a broader base of digital enterprises'.

Who are 500 Startups?

According to their website, "500 Startups is the most active global venture capital firm. We’re on a mission to uplift people and economies around the world through entrepreneurship." Christine Tsai, CEO and founding partner of 500 Startups said of the partnership with Khmer Enterprise "Cambodia’s economy and talent are at an inflection point for rapid growth and we are confident that this programme will help local founders build strong companies that will push the boundaries of what is possible". 500 Startups also claims to have backed more than 2,400 companies or 5,000+ entrepreneurs in 75+ countries. 500 Startups also run 500 Southeast Asia, 500 Vietnam, and 500 Thailand.

Cambodia’s Tech ecosystem

Southeast Asia’s digital economy is expected to reach USD 100 billion by 2025, according to the e-Conomy Southeast Asia 2019 report by Google, Temasek, and Bain & Company. In October 2020, Mediaload, most famous for its Khmerload website in the Kingdom of Cambodia, has announced it has secured Series A funding from Thai-based True Group. Cambodian fintech company, Clik, which has yet to launch, secured US$3.7 million in seed funding in August 2020. This follows previous funding of US$3.2 million from investors. There are a number of tech competitions that operate in Cambodia as part of regional and global networks such as Seedstars and She Loves Tech Cambodia. On Monday 8th November, the state-run Techo Startup Center (TSC) and IG Tech Group also signed an MOU to “help build Cambodia’s innovative infrastructure and better position the Kingdom in the context of digital transformation.”