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Wednesday, April 24, 2024

ScaleUp Malaysia announces investments in 11 emerging startups


ScaleUp Malaysia, a growth stage accelerator, in collaboration with Quest Ventures, Indelible Ventures, and Mranti, has marked the culmination of its third cohort by announcing its selection of top startups. The accelerator’s latest cohort, which commenced in August 2021, attracted more than 200 applications from entrepreneurs hailing from 26 countries, including Malaysia, the United States, Egypt, Indonesia, Singapore, and Japan.

Out of the numerous applications, a total of 20 promising companies were shortlisted to participate in Cohort 3. These companies were placed into separate tracks, offering them exclusive access to Quest Ventures and Indelible Ventures, respectively, over a 16-week period.

Quest Ventures, renowned for its commitment to fostering the Malaysian entrepreneurial ecosystem, selected the following startups for co-investment: GuruInovatif, Open Academy, MadCash, SpareXHub, VireServe, and WA Sushi. On the other hand, Indelible Ventures chose Howuku, Kumo, and Midwest Composites for co-investment. In addition, ScaleUp Malaysia itself made direct investments in BizTech Asia and RECQA, both of which are alumni from its second cohort. Quest Ventures and Indelible Ventures are also expected to announce investments in one to two more companies at a later date.

Xelia Tong, Managing Partner of ScaleUp Malaysia, congratulated the selected entrepreneurs and emphasized the program’s mission to nurture businesses and drive their growth beyond conventional boundaries, ultimately creating the next generation of disruptive businesses.

In a bid to prepare these companies to navigate future challenges, facilitate further growth, and explore markets across Southeast Asia, each selected startup is set to receive up to $60,000 in investment.

Quest Ventures has demonstrated its commitment to the Malaysian ecosystem by building a portfolio of 16 companies in the nation through its partnership with ScaleUp Malaysia over the past 12 months. Jeffrey Seah, Partner of Quest Ventures, expressed enthusiasm for the addition of the six new companies to their portfolio and underscored their dedication to building globally scalable businesses in Malaysia.

Indelible Ventures, which launched in September 2021, is actively seeking tech-enabled Malaysian startups with business-to-business (B2B) products poised for international scaling. The firm has identified and chosen three companies from this cohort for investment, reflecting their belief in the potential of these entrepreneurs and their intention to elevate them onto investors’ radars.

ScaleUp Malaysia, operating through its Pegasus model, aims to groom startups in the growth and post-product-market fit stage, transforming them into scaleup businesses with high revenue growth and increased profitability rates, attracting follow-on investments. Since 2019, the accelerator has established a successful track record in helping growth-stage companies secure funding from leading investors. To date, over 30 startups have graduated from the accelerator, collectively raising more than $14 million in capital and experiencing one successful exit.

ScaleUp Malaysia has now opened registration for startups interested in participating in Cohort 4.

Quest Ventures Track Selections:

  1. GuruInovatif – A platform providing comprehensive online resources for teachers’ professional development.
  2. MadCash – A FinTech platform offering microloans and capturing business performance and repayment data for women entrepreneurs while building their credit standing.
  3. Open Academy – An education platform offering real, practical programs, training, and content by industry practitioners.
  4. SpareXHub – A cybersecurity and information technology (IT) solutions provider.
  5. VireServe – A cybersecurity and IT solutions provider offering a Software as a Service (SaaS) platform for cybersecurity checks, compliance automation, and security protection in day-to-day business operations.
  6. WA Sushi – A food and beverage e-commerce company specializing in “Quality Food-Made For Delivery.”
  7. Howuku – An online platform offering an all-in-one web optimization and analytics solution.
  8. Kumo – A SaaS provider for the beauty and medical aesthetics industry.
  9. Midwest Composites – A go-to engineered composites partner designing and manufacturing advanced composites and biobased composites for customers seeking futuristic materials for their products.
  10. BizTech Asia – A cross-media and marketing B2B platform facilitating business-to-business marketing for clients through scheduled video and podcast content, as well as networking and corporate gaming events.
  11. RECQA – A knowledge sharing platform enabling team members to share learnings and other relevant information, contributing to an organization’s collective intelligence.

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