Malaysia-based accelerator ScaleUp Malaysia has launched Cohort 3 of their program targeting high growth scale-ups.
In launching Cohort 3 ScaleUp Malaysia announced that they have entered into partnerships with two venture capital firms, Singapore-based Quest Ventures and US-based Indelible Ventures to be part of their effort to further scale chosen scaleups at the launch on Tuesday.
Collectively these firms bring access to partners, investors, and other networks in Southeast Asia and the United States of America, accelerating targeted growth in new times.
Quest Ventures, a regional venture capital firm based out of Singapore enters its second year of partnership with ScaleUp Malaysia having worked hands-on with 20 scaleups and co-investing into 10 in the Cohort 2 program.
Indelible Ventures, a US-based fund with a mandate to invest in Malaysian startups, targets tech-enabled scaleups with B2B products that have the potential to scale at an international level, making it a strategic partner moving forward.
In Cohort 3, Quest Ventures will look to co-invest in up to seven companies whereas Indelible Ventures seeks to co-invest in up to five companies in this cohort. The investment partnerships will bring in a total investment of approximately $1 million (4.23 million MYR) to develop and grow Malaysian scaleups, targeting 20 companies to be shortlisted for the Cohort 3 applications.
For Cohort 3, ScaleUp Malaysia is looking towards working with more scaleups eyeing the regional and global stage.
“Leveraging on the partners’ extensive global experiences in helping scaleups scale beyond our shores is key for our Cohort 3. A fast-paced, rapid-response ethos has long been at the core of many scaleups, now more than ever especially against the backdrop of the Covid-19 pandemic. With the partnership, we look towards sustainable growth for long-term success,” said ScaleUp Malaysia Managing Partner Xelia Tong said.
To qualify for the Cohort 3 program, scaleups must be operating on business models that have the propensity to disrupt existing markets or have solutions that are able to navigate future challenges and take advantage of opportunities brought about by any economic climate.
ScaleUp Malaysia has started to receive an overwhelming response to the applications which closes on September 2, 2021.
Participants will be shortlisted based on five key criteria:
- Highly scalable products or services with large growth potential looking to scale in Malaysia, ASEAN and at the global stage;
- Ability to demonstrate product-market fit;
- Looking toward fundraising in the near future;
- Already generating revenue;
- Passionate and driven founders.
“In Cohort 3 we aim to go further by helping founders expand their mindsets and refine their approaches in scaling their businesses, and in exposing them to our networks in the region and around the world,” Quest Ventures Partner Jeffrey Seah said.
The 20 companies shortlisted from the Cohort 3 applications will begin their accelerator journey in October 2021 before pitching in front of the Investment Committee at the end of the program.
As part of the partnership, ScaleUp Malaysia Cohort 3 powered by both Quest Ventures and Indelible Ventures will invest at least $59,000 in the companies selected by the Investment Committee.
“We decided to partner with ScaleUp Malaysia because we share a common high value-add approach and are aligned in our recognition that Malaysia, although under-represented in the regional VC landscape, has the talent and capability to become a leader in the region,” said Indelible Ventures Managing Partner Kevin Brockland.
Malaysian Global Creativity and Innovation Centre (MaGIC), via a public and private partnership with ScaleUp Malaysia that was announced in March this year, will also be giving greenlane access for the entrepreneurs to participate in MaGIC programs and initiatives including the National Technology Innovation Sandbox (NTIS), the Global Market-Fit Programme (GMP) and MyStartup Hub, which cater to late-stage start-ups and others.
ScaleUp Malaysia is an accelerator that focuses exclusively on growth-stage companies in Malaysia – helping them position their business for exponential growth.
Featured image credits: ScaleUp Malaysia