Cambodia Investment Review
Platform Impact, a market leading venture-building in Cambodia, is opening the call for its new cohort of 10-15 growth-stage, impact-driven companies for the 2023 PRISME program. This groundbreaking initiative, launched in 2022 in collaboration with Cambodian Investor Club (CIC), Khmer Enterprise, and Oxfam, promises to revolutionize the growth landscape for Cambodian small and medium businesses.
Platform Impact and its PRISME program have transformed the traditional paradigm for startups, prioritizing impact, results, and profit while bolstering investment and sustainable growth. Following an impressive first year, where they raised $800,000 and gained investor interest up to $10 million, PRISME is set to scale its second year of operation to accelerate investment and sustainable growth for Cambodian small and medium businesses with new additional sponsors.
First-Year PRISME Success Stories
“Cambodia has sustained poverty reduction and growth for the last 12 years, standing at a tipping point where we can make a change in our world, and audaciously re-imagine a future of a more sustainable and equitable economy. Is it difficult? Probably. Should we try? Definitely,” stated Wisal Hin, Chairman of Platform Impact. “People change systems – the systems do not change people. We aim to develop Cambodian talent and growth companies, the kind of capacity building and transformation that Platform Impact is all about.”
The value of PRISME can be seen through the experiences of entrepreneurs like Phirum Dyphan, CEO of MUCH Mobile Healthcare, a female-led company from the inaugural 2022 cohort. “Joining PRISME has helped us in our business growth, financial modelling, and recruitment plan. The program connects us with experienced mentors, institutional and impact investors, and essential stakeholders,” she said.
Fellow entrepreneur Kongngy Hav, CEO of My Dream Home, echoed Dyphan’s sentiment, emphasising the significant learning opportunities and networking potential with overseas investors. PRISME offers entrepreneurs a chance to grow their businesses in a supportive, impact-oriented environment.
In its debut year, PRISME’s unique focus on the triple bottom line of people, planet, and profit allowed ten chosen companies from various sectors to receive advisory on growth business plan, financial modelling, and impact strategy development. By preparing a due diligence package for investors, PRISME played a crucial role in matching these enterprises with suitable regional and international impact investors or financing options.
The Increasing Importance of ESG Reporting
In recent years, Environmental, Social, and Governance (ESG) reporting has gained importance in Europe, the Americas, and advanced Asian economies. As David Van, Director of Public Private Partnership at Platform Impact, explains, Cambodian exports will likely face more rigorous assurance standards by 2027 due to these growing ESG requirements. “What Platform Impact is doing through PRISME is to prepare Cambodian companies now so they can provide investors with increased transparency and sustainability-related information,” he elaborated.
Tommy Boukhris, Head of Venture-Building and PRISME at Platform Impact, identified Cambodian SMEs as key contributors to the national GDP, requiring meaningful mentorship and business linkages to increase their global competitiveness. He envisions PRISME leading the growth of impact business and entrepreneurial ecosystems in Cambodia.