Growth stage accelerator deploys RM2.75 million (USD680,185) to drive economic growth in the post-pandemic world
KUALA LUMPUR, Malaysia, Mar. 2, 2021 /PRNewswire/ -- ScaleUp Malaysia which launched its second cohort of 20 companies in October 2020 in partnership with Quest Ventures has announced its selection of Top 11 companies, disbursing a total amount of RM2,750,000 (USD680,185) in investments for their second Cohort. These companies will receive an investment of RM250,000 (USD61,844) each to grow their business regionally.
Tay Shan Li, Managing Partner of ScaleUp Malaysia said, "We had some amazing companies joining us as part of this cohort and we are proud of how far each of them has progressed in the programme. This was a very difficult decision but ultimately, the investment committee selected the companies that they believed had the potential to grow their business regionally with the support of our partner, Quest Ventures."
The 11 companies selected are as follows:
(e-Waste Recycling Through Heroes) is an award winning social enterprise that specialises in collecting and recycling electronic waste (e-waste) from household and businesses
Fefifo is pioneering digitalised, standardised farming in ready-to-farm modern farmspaces called co-farms, to make sustainable, profitable smallholder farming common place in South East Asia
Hatio is a technology provider specialising in supply chain and logistics. Their experiences span across warehouse automation, smart logistics, robotics, artificial intelligence and the internet of things.
Hauz is a data driven enterprise solution that manages and monitors mobile workforce operations in the service industry, be in Malaysia or regionally
Homa2u is an online to offline (O2O) building materials and interior finishes marketplace where you can find a wide range of high quality, branded and bargain materials to your house project
Kiddocare is an online platform that connects parents with trained Malaysian baby sitters and early childhood education providers for personalised, on demand services
Load2Go offers an on demand logistics platform for booking big trucks for large freight, construction and manufacturing industries.
MMC is a food-based company which operates several different businesses, including a central kitchen, food mart, cafe and vending machines. Their businesses are tracked and run on a proprietary technology solution.
MyBump media is a car wrap advertising company that matches brands with drivers (Brand ambassadors) for data backed creative execution outdoor advertising
Pomen is SaaS automotive maintenance platform that specialises in fleet companies and vehicle owners to connect with workshops and service providers to benefit them with valuable vehicle and financial insight
Quadby is the Nextdoor for universities. They are a community app for students to find and chat with peers on campus
ScaleUp Malaysia highlights the diversity of this cohort with 65% of the scaleups selected consisting of women founders.
ScaleUp Malaysia's Cohort 2 key partner, Quest Ventures is a regional venture capital firm based out of Singapore that counts Temasek as one of their key investors. With more than 50 investments under their belt, Quest Ventures' investments boast regional powerhouses like Carousell, 99.co and Carro. The firm brings financial backing and regional expertise to each investee company to power their disruptive businesses as they break into emerging Asian markets in the post-pandemic era.
The Quest team has been hands-on throughout the Cohort 2 programme. From the initial selection of the 20 companies, to one on one sessions to organising focused training sessions on market expansion and fundraising, the team at Quest Ventures has been integral to ScaleUp Malaysia's second cohort. All three partners from Quest Ventures sat on the investment committee panel that selected these 11 companies.
Jeffrey Seah, Managing Partner of Quest Ventures says, "Our work across Asia Pacific, and now Central Asia, have shown us that resilient founders with innovative business models and go-to-market nous have what it takes to be successful during these challenging times. We are inspired with the desire and commitment of the founders we have worked with in ScaleUp Malaysia's Cohort 2 and we are excited to continue this journey with these 11 companies in the years to come."
ScaleUp Malaysia and Quest Ventures highlight that the journey with these startups has just started. The team now embarks on an intensive process to develop and execute plans to partner these companies in their #Quest2Scale and be the success stories of the coming years.
Each company in the cohort will participate in customised demo days in front of venture capital, corporate innovation units and investment firms from around the world. Interested parties who wish to be included in this demo day are encouraged to register their interest at https://www.scaleup.my/c2-demo-day
About ScaleUp Malaysia
ScaleUp Malaysia is an accelerator which focuses exclusively on growth-stage companies in Malaysia – helping them position their business for exponential growth. ScaleUp Malaysia is founded by a team of experienced entrepreneurs, professionals and seasoned investors.
Championing the concept of building "Pegasus" companies of building fast growing profitable businesses, ScaleUp Malaysia companies go through a program that includes in class training, one to one coaching and an equity investment for selected companies.
On the internet:
Official Website: www.scaleup.my
About Quest Ventures
Quest Ventures is a leading venture fund for companies that have scalability and replicability in large internet communities. Its portfolio of 50+ venture-backed companies operate in more than 150 cities across Asia, creating employment and advancement opportunities for more than 4,400 employees, while its Enterprise and ESG efforts directly impact thousands more.
For more information: www.questventures.com
SOURCE ScaleUp Malaysia