ScaleUp Malaysia, in partnership with Quest Ventures, Indelible Ventures, and Mranti signalled the culmination of its third cohort with the unveiling of its selection of top startups.
The cohort which kicked off in August 2021 drew over 200 applications from 26 countries including Malaysia, the United States, Egypt, Indonesia, Singapore and Japan. 20 companies were shortlisted to participate in Cohort 3 and placed into separate tracks, giving them exclusive access to Quest Ventures and Indelible Ventures respectively over the course of 16 weeks.
Through their Pegasus model, ScaleUp Malaysia aims to groom startups in the growth and post-product-market fit stage into scaleup businesses with high revenue growth and increased profitability rates that attract follow-on investments. Insofar, over 30 startups have graduated out of the accelerator, collectively raising more than USD$14 million in capital and 1 exit.
The companies selected by Quest Ventures for co-investment were GuruInnovtif, Open Academy, MadCash, SpareXHub, VireServe, and WaSushi. While Indelible Ventures selected Howuku, Kumo and MidWest Composites for co-investment. ScaleUp Malaysia also made direct investments in BizTech Asia and RECQA, alumni from its 2nd Cohort.
Quest Ventures and Indelible Ventures look to announce 1-2 more companies at a later date.
Each company will receive up to USD$60,000 ( approx. MYR 250,000) in investment for ensuring the companies are well equipped to navigate future challenges, prime them for further growth and tap markets across Southeast Asia.
“We truly believe that Malaysia has some of the best entrepreneurs in the region with a flair for innovation and an innate ability to understand cultures in various markets. We are excited to welcome these 6 new companies into our portfolio and work with them to build globally scalable businesses,” Jeffrey Seah, Partner of Quest Ventures said.