Global early-stage VC firm 500 Startups announced today that it is launching Angkor 500, a series of programmes to accelerate the development of the Cambodian startup ecosystem.
Partnering with Khmer Enterprise, Angkor 500 will seek to support entrepreneurs in their efforts to establish startups and aid in their regional expansion plans.
Over the course of their initial two-year partnership, the two firms will organise programmes to gather founders from across the kingdom to create startups and host bootcamps to improve the readiness of local startups for engagement with international markets and investors.
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Additionally, there will be international showcases to raise the global profile of the Cambodian ecosystem by connecting startups to key industry stakeholders and corporate partners.
Vongsey Vissoth, Minister attached to the Prime Minister and Permanent Secretary of State of the Ministry of Economy and Finance, said that this programme will ignite Cambodia’s vibrant entrepreneurial ecosystem with a broader base of digital enterprises, despite the operational challenges during the COVID-19 pandemic.
“This is one of the implementation plans of the Royal Government of Cambodia as articulated in Rectangular Strategy phase 4 to accelerate a healthy environment for SMEs and innovative startups to become much more competitive when moving to the digital economy,” the minister said.
“With the support of the Ministry of Economy and Finance, Khmer Enterprise and 500 Startups will work together to build featuring programmes from ideation to investment readiness,” said Chhieng Vanmunin, CEO of Khmer Enterprise.
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According to Christine Tsai, CEO and Founding Partner of 500 Startups, “Cambodia’s economy and talent are at an inflexion 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.”
Since its inception in 2010, 500 Startups has invested in over 2,400 companies across 77 countries. Its 140-plus team members are located in more than 17 countries to support its global portfolio. Notable investments include Credit Karma, Canva, Talkdesk, Intercom, GitLab, Grab and Bukalapak.
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