The government has allocated €10m for a venture capital fund to give a helping hand to innovative technology start-ups, Economy Minister Silvio Schembri said on Tuesday.

Eligible companies may include those involved in video game development, fintech, e-sports, life sciences, pharma, green energy, the filming industry, agritech, AI, communications, electronics, financial services, medical devices, software, bluewater industries, and digital technology. 

Schembri was speaking at the opening of TECHXPO, a technology fair which is being held at the MFCC in Ta' Qali.

He said this was another measure by the government to attract quality investment.

The Malta Venture Capital Scheme will be managed by Malta Government Investments until a specific company, Malta Government Ventures is set up.

A board of directors will define the investment policy that the scheme will follow. The directors will represent various government entities including  MGI, MIMCOL, Malta Enterprise, the Malta Development Bank, the National Development and Social Fund and Gaming Malta.

A committee will assist the board in the assessment of applications.

Start-ups may be given up to €500,000 in equity and they must also be backed up by private funding.

Prime Minister Robert Abela visits the technology fair.Prime Minister Robert Abela visits the technology fair.

Prime Minister Robert Abela also toured the fair and met the exhibitors on Tuesday. He said that technological and digital development was central for the country's economic transition to higher quality. Businesses will find government support so that the country can continue to create quality careers.

He said the fair showed how the country was attracting pioneers in the use of artificial intelligence and innovative technolgies. 

The fair's venue will host an EU meeting on artificial intelligence on Wednesday. The fair will be open for the public on Thursday, a public holiday. 

Independent journalism costs money. Support Times of Malta for the price of a coffee.

Support Us