KUALA LUMPUR: Growth stage accelerator, ScaleUp Malaysia has announced the selection of the Top 20 Companies for Cohort 3 which it announced in August 2021.
The team evaluated over 200 applications not just from Malaysia but also attracted start-ups from as far as the US, Indonesia, Singapore, Japan and Egypt.
Commenting on the selection of the Top 20, ScaleUp Malaysia’s managing partner, Andre Sequerah said, “We selected these companies based on their ability to develop solutions for the new normal and the Founders’ capabilities to execute their business plans during the pandemic.”
The companies selected hail from a diverse group of industries and verticals such as edutech, fintech, media, manufacturing, cyber security, food tech and e-commerce.
Joining ScaleUp Malaysia for Cohort 3 are two international Venture Capital firms, Quest Ventures and Indelible Ventures. The 20 selected companies will each be on separate tracks and will work closely with each Venture Capital firm.
For Singapore-based regional firm Quest Ventures – who counts 2 sovereign wealth funds as investors, this will be the second year of its partnership with ScaleUp Malaysia. It has already invested in 10 Malaysia companies and will further invest in ScaleUp Malaysia Cohort 3 demonstrating its commitment and belief in the Malaysian market. Quest Ventures has selected 15 Companies to be a part of their track.
Quest Ventures’ partner, Jeffrey Seah, said that Malaysian founders are plucky, and have never been short of financial investment options. “Their perennial challenge remains to find financial investors with established go-to-market networks outside of Malaysia. Those business introductions will provide product validation and pricing models that will unlock the potential of the Scaleup companies, and guide the companies in the following stages of venture funding,” he said.
“Our experience with Malaysian founders and companies have been rewarding – they have unappreciated potential that can be unleashed to the Southeast Asia region with the right support,” he added.
The companies selected for the Quest Ventures track are: Jazro Tech, MADCash, Traitily, GuruInovatif, SpareXHub, Nanka, Vireserve, Open Academy, Hav., PantangPlus, J8 Autism, Graze Market, WeGo, Wa Sushi and Biztech.Asia.
Indelible Ventures, a US-based fund with a mandate to invest in Malaysian B2B startups, has selected 5 companies to be a part of its track which it believes have the potential to scale at an international arena.
Its managing partner, Kevin Brockland, said, “These companies have shown that they can build potentially world class products and are at an inflection point. I look forward to working with them to put Malaysian based scaleups on the radar regionally and globally.”
Source: New Straits Times