KUALA LUMPUR: 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 of America, Egypt, Indonesia, Singapore and Japan. Twenty 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.
ScaleUp Malaysia managing partner, Xelia Tong congratulated and applauded the ambitious drive, ingenuity and passion the participants displayed throughout the accelerator programme. She also said that at the very core, "...ScaleUp Malaysia Accelerator aims to nurture businesses, catapulting their growth beyond traditional boundaries to create the next generation of disruptive businesses."
The companies selected by Quest Ventures for co-investment were GuruInnovtif, Open Academy, MadCash, SpareXHub, VireServe, and WaSushi. 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 second Cohort. Quest Ventures and Indelible Ventures look to announce more companies at a later date.
ScaleUp Malaysia, through their Pegasus model, 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.
Since 2019, ScaleUp Malaysia has built a proven track record in helping growth-stage companies secure funding from leading investors. Thus far, over 30 startups have graduated out of the accelerator, collectively raising more than USD$14 million (approx. RM56.6 mil) in capital and one exit.
Quest Ventures has shown a commitment to developing the Malaysian ecosystem and has grown a portfolio of 16 companies in the nation through its partnership with ScaleUp Malaysia over the last 12 months while Indelible Ventures, which was launched in Sept 2021, is on the lookout for tech-enabled Malaysian start-ups with B2B products that are ready to scale internationally. Indelible has selected three companies to invest in from this Cohort.
ScaleUp Malaysia has also opened registration for startups to state their interest to participate in Cohort 4. For more information on ScaleUp Malaysia and to register your interest for Cohort 4, visit: https://www.scaleup.my/