Growth stage accelerator, ScaleUp Malaysia announced Monday the selection of the Top 20 Companies for Cohort 3 which it announced in August.
ScaleUp Malaysia said the team has evaluated over 200 applications not just from Malaysia but also startups from as far as the United States, Indonesia, Singapore, Japan, and Egypt.
“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,” said Andre Sequerah, Managing Partner of ScaleUp Malaysia.
According to the statement, the companies selected hail from a diverse group of industries and verticals such as Edutech, Fintech, Media, Manufacturing, Cyber Security, FoodTech, and e-commerce.
“Being at the most significant stage of growth, it is vital for them to have the right level of support in building sustainable, scalable businesses and having a clear roadmap to grow beyond our shores. This has been the aspiration for all of us for the Cohort 3 participants,” Sequerah added.
Meanwhile, 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, which 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.
“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. Our experience with Malaysian founders and companies has been rewarding–they have unappreciated potential that can be unleashed to the Southeast Asia region with the right support,” said Jeffrey Seah, Partner of Quest Ventures.
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 also selected 5 companies to be a part of its track which it believes have the potential to scale at an international arena.
“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,” said Kevin Brockland, Managing Partner of Indelible Ventures.
The companies selected for the Indelible Ventures track are: Midwest Composites, Howuku, Q3 Payments, GoCloud, and Neptrix.
The Top 20 selected companies will undergo an intensive 4-month process that will aim to help identify and address gaps in their business models and strategies. Working closely with Quest Ventures and Indelible Ventures, the ScaleUp Malaysia team will work on elements such as The ScaleUp Playbook, Building Scalable Products, Financial Modeling, Crafting Narratives, Go To Market strategies, and more through group-based training and 1-1 coaching sessions. In January 2022, 10 companies will receive offers for an investment of 250,000 MYR ($60,100) to continue their growth journey with ScaleUp Malaysia, Quest Ventures, and Indelible Ventures.
ScaleUp Malaysia’s Top 20 Companies for Cohort 3 include:
- SpareXHub. which provides an e-commerce marketplace for genuine auto spare parts.
- Biztech, a cross-media and marketing B2B platform that enables business-to-business marketing for clients via scheduled video and podcast content as well as networking and corporate gaming events.
- Guruinovatif, a platform that provides complete online resources for Teachers’ Professional Development.
- Hav.Life, a platform that rewards steps to fitness.
- Howuku, an online platform that offers an all-in-one web optimization and analytics solution.
- GoCloud Technologies, the developer of Aoikumo and Kumodent; a SaaS provider for the beauty and medical aesthetics industry.
- Nanka, which produces plant-based meat from jackfruit, aims to provide a better alternative to the highly processed fast food out there in the market, fostering a whole new approach in consuming ready-to-cook and ready-to-eat food.
- J8, which sets out to provide fitness services catered specifically to the neurodiverse community with the skill sets to socially assimilate, partake in family physical activities, and lead a healthier life.
- Jazro, a robotics education company that aims to develop Digital Talents in Science, Technology, Engineering & Mathematic (STEM) education fields with specially curated contents for students from the age of 5-17 years.
- MADCash, a digital platform that tracks the impact of funding an interest-free microloan given to unbanked women micro-entrepreneurs.
- Midwest Composites, a company that designs and manufactures Advanced Composites and Biobased Composites for customers that want to use futuristic materials in their products.
- Neptrix, a Saas provider for the ManuTech Industry.
- Open Academy, the brainchild of OpenMinds; an education platform that provides real, non-theory-based programs, training, and content by industry practitioners.
- PantangPlus, a web-based booking platform for traditional post-natal therapy.
- Q3 OPC (Omni Payment Connector), which revolutionizes payment solutions by providing standardized connected payment solutions while working with preferred payment acquirers in the region for easy deployment and providing automated payment reconciliation reports as well as real-time visibility through their single pane of glass approach.
- Graze Market, which aims to bridge the gap between food waste and hunger by ensuring imperfect fresh produce from farmers and distributors find a market at a discounted price to the public.
- WeGo, the online marketplace for a broad range of services including delivery and blue-collar services focusing on underserved towns in Malaysia.
- Traitily, a digital recruitment platform that leverages behavioral assessment for employers to filter a candidate’s fit to the job function.
- VireServe, a Managed Service Provider that focuses on Cyber Security and IT Solutions.
- Wa Sushi, a food and beverage e-commerce company.
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