GO have launched a €2 million fund for tech startups in Malta

With the hope of attracting emerging talent in the technological sector, the fund will hope to invest in startups that focus on artificial intelligence, cybersecurity, blockchain, fintech and big data

GO CEO Nikhil Patel (right) with Silvio Schembri, Parliamentary Secretary for Innovation
GO CEO Nikhil Patel (right) with Silvio Schembri, Parliamentary Secretary for Innovation

GO Ventures has launched a €2 million fund for small tech businesses.

The IT and telecommunications company first announced the launch in October and will empower emerging tech entrepreneurs to access these funds, workspaces, telecom and cloud services and access to several markets and networks.

In a statement released on Thursday, GO said that it hopes the fund will engender a Maltese ecosystem of investments in innovation.

The prime targets for the fund are startups focusing on AI, cybersecurity, blockchain, fintech, big data and analytics.

The fund was launched in Valletta where GO CEO Nikhil Patel said that the importance of working with dynamic entrepreneurs was crucial in driving innovation.

Parliamentary Secretary for Digital Innovation, who was also present, praised the initiative and said, "In order for Malta to remain at the forefront of digital revolution, it's essential that the private sector becomes a protagonist in attracting foreign talent and to help strengthen the local talent."

Initial investments are expected to be made during the course of 2019.

“We are pleasantly surprised with the feedback we have received so far. It is encouraging indeed and confirms that there is a huge demand for this project,” Stefan Briffa, the man leading the project, said.