Hong Kong has beautiful beaches, rule of law, and a free press, but its high cost of living, paucity of trained technology engineers and small local market have persuaded many China-focused entrepreneurs to avoid the Special Administrative Region. A new investment fund though is trying to keep entrepreneurs in Hong Kong.
Hong Kong Cyberport announced that the new Cyberport Macro Fund for Hong Kong-based digital entrepreneurs is now open. With an initial size of HK$200 million, the CMF aims to accelerate the growth of digital technology startups in Hong Kong.
The investment fund will offer seed to Series A stage funding to digital startups by co-investing with other private and public investors to encourage the development of a venture capital ecosystem in Hong Kong.
Successful applicants, set to receive between HK$1 million to HK$20 million in accumulative investment per each investee, will be assessed based on their business model including the areas of compliance, governance, financial position and business viability as well as the potential return on investment in business and proven involvement in the Cyberport community.
Cyberport is wholly owned by the Hong Kong SAR Government and is located on the south side of Hong Kong Island. Boasting over 700 tenants, Cyberport is equipped with an array of state-of-the-art tech facilities, a cutting-edge broadband network, a five-star design hotel, and a retail entertainment complex. Tenants include global tech companies like Cisco, Lenovo and Microsoft and local firms such as Animoca, Dragon Law, Fresh Accounting, Kovurt, and Outblaze.