Parliamentary Secretary for Financial Services, Digital Economy and Innovation Silvio Schembri launched GO Ventures, a €2 million fund for tech start-ups aimed at start-ups in the fields of artificial intelligence, big data and analytics, internet of things, cybersecurity, blockchain, fintech and other related areas.
“In our drive to be at the forefront of this digital revolution, it is also essential that the private sector becomes a protagonist in attracting both foreign talent to support technological development, as well as help nurture and retain home-grown talent. I augur GO for their forward-thinking stance that is setting a new benchmark of how Maltese companies can be direct participants in, and benefit from new technology initiatives. I look forward to seeing start-ups benefit from this start-up tech fund which will in return contribute to Malta’s thriving digital economy’, said Parliamentary Secretary Schembri.
He added that as a Government we shall continue with this drive to empower our nation through all relevant aspects, enhancing our people’s intrinsic appetite for innovation, which as we have seen, if encouraged and fully supported, will further contribute to Malta’s unique competitive advantage. The €2million Go Ventures Start-up Tech Fund will serve as a springboard for start-up companies that are still identifying ways to implement their digital projects related to new emergent technologies.
Nikhil Patil, CEO of GO, said that there already is a huge demand for this project. In fact, ever since its launch during DELTA Summit, GO has been following closely a number of pitches and started discussions over a few interesting projects. “Today, Malta offers many services to start-ups, however, they face a common problem in finding enough local sources of financing and investment. The GO Ventures Start Up Tech Fund will help address this challenge and by working with like-minded partners, GO wants to help foster a Maltese ecosystem of investment in innovation’, said Nikhil Patil.
Stefan Briffa, who is leading GO Ventures projects, gave a high-level overview of how the Tech-Startup Fund will work. He explained that the GO Ventures investment package includes cash, spacious co-working space and GO’s full suite of telecom and cloud services, access to markets and networks and mentoring.
Source: Press Release by the Parliamentary Secretariat for Financial Services, Digital Economy and Innovation
Photo Credits: Jason Borg