KUALA LUMPUR (June 13): Kuala Lumpur's technology startup ecosystem has generated more than RM220 billion in value over the past three years, according to Cradle Fund Sdn Bhd.

“From July 1, 2021, to Dec 31, 2023, Kuala Lumpur generated more than US$47 billion (over RM220 billion) in Ecosystem Value, which measured the city’s economic impact from the value of exits and startup valuations,” it said in a statement on Thursday.

Subsequently, Kuala Lumpur has ranked among the top 30 emerging ecosystems — startup communities at earlier stages of growth — in the latest Global Startup Ecosystem Report (GSER) 2024.

It is also ranked 16th among the startup ecosystems in Asia. According to the report, this falls below Singapore and Jakarta, Indonesia, but higher than Bangkok, Thailand, and Ho Chi Minh City, Vietnam.

"Educated talent and ease of doing business are cited as reasons a startup should move to the ecosystem," said Cradle Fund.

The GSER 2024 analysed data from 4.5 million startups across 300 global ecosystems.

Commenting on the performance, Minister of Science, Technology and Innovation Chang Lih Kang said the ecosystem value and the achievements recorded have validated the country’s continued focus on investing and developing the tech startup ecosystem.

"The ministry will continue to spearhead this effort to realise our vision to become the top 20 global startup ecosystem by 2030 as outlined in the Malaysia Startup Ecosystem Roadmap (SUPER) 2021-2030," he added.

Meanwhile, Cradle Fund chief executive officer Norman Matthieu Vanhaecke said the agency seeks to combine the resources and experiences of all ecosystem stakeholders.

"With a consistent commitment to cultivating a high-performing, inclusive, globalised, and sustainable ecosystem, Cradle envisions propelling Malaysia to the forefront of the global startup ecosystem,” he said.