MYStartup and NEXEA Launch Third Accelerator Program, Selecting 25 Tech Startups

MYStartup, a national initiative backed by Malaysia’s Ministry of Science, Technology, and Innovation (MOSTI) and developed by Cradle Fund, has partnered with NEXEA, a venture capital and startup accelerator firm, to launch its third accelerator program. A total of 25 tech startups have been selected for this program from a pool of 60 applications representing various industries such as artificial intelligence, machine learning, healthcare, and software development.

These startups will undergo a four-month enrichment program designed to accelerate their growth and support an environment conducive to innovation. The collaboration between MYStartup and NEXEA will help Malaysia’s startup ecosystem, propelling it toward greater heights of success and innovation.

Notably, the previous cohort demonstrated tangible success, with several startups securing investments totaling up to MYR 700,000 ($146,396) within the last six months.

Among the successful startups from the previous cohort are Parkit, Engagelife, iJalan, and EB Tech, which collectively achieved an impressive aggregate valuation growth of 290%, soaring from MYR 11 million ($2.3 million) to MYR 32 million ($6.69 million) over the same period. This growth has shown the effectiveness of MYStartup and NEXEA’s accelerator program in nurturing and advancing promising tech startups in Malaysia’s startup ecosystem.

Norman Matthieu Vanhaecke, Group CEO of Cradle, emphasized the crucial role of startups in Malaysia’s economic landscape, citing the estimates from the Global Startup Ecosystem Report (GSER) 2023, which valued Malaysia’s startup ecosystem at $4.6 billion. 

Vanhaecke mentioned Cradle will help create a high-performing, inclusive, and sustainable startup ecosystem, crucial for enabling the regional and global expansion of these ventures. He highlighted the MYStartup Accelerator program as a key initiative in achieving these goals, providing startups with intensive mentorships and comprehensive resources to scale their operations and become future multinational champions.

Ben Lim, Founder and CEO of NEXEA, also emphasized the transformative impact of the MYStartup Accelerator in driving exponential growth for participating startups. 

Lim highlighted the rigorous selection process that shortlisted 25 ambitious teams out of over 940 applications. These startups will compete to become top finalists and secure initial funding worth RM250,000, with grants up to RM1 million, paving the way for accelerated growth and contributing to the cultivation of an inclusive and sustainable startup ecosystem in Malaysia.

The 25 selected startups for MYStartup Accelerator Program Cohort 3 include:

1. Nakngaji, a platform that offers personalized online and home-based Quran learning services.

2. Otter Barista, an automated robotic coffee brewing experience with high-quality and fresh brews.

3. Ollie & Hana, a pet grooming and hotel boarding specialist.

4. ALT Synergy, a strategic application of biotechnology to enhance supplement effectiveness.

5. WeAssist, a mobile applications developer focusing on connecting people to healthcare services.

6. Messengerco, a one-stop platform for corporate gifting.

7. EasyRenz, an automated & innovative tenant management solution.

8. Numom specializes in maternity and baby products focusing on breastfeeding support.

9. Resitku, an application for expense receipts and income records, as well as a taxation solution.

10. Dreamory, an all-in-one business event platform.

11. Heycast.me, a casting platform for entertainment industry.

12. Property Lab, an artificial intelligence (AI)-driven platform for precise property investment insights.

13. DeepLogi, a smart shipping gateway for small and medium-sized businesses.

14. Siren Networks, a safety application that connects people on a platform with emergency and care service providers.

15. Axtraction, an AI, business to business (B2B) document AI software as a service (SaaS).

16. Quasa.ai, a platform provides regulatory and compliance tech solutions to businesses.

17. Infinitlab, a modular SaaS enterprise resource planning (ERP) solution empowered by an AI-ready framework for seamless and efficient business management.

18. Choladeck, a web app that creates customized, brand-aligned presentations and offers insights on audience engagement.

19. VStream, a digital drone insurance solutions provider.

20. Astra Medical Technologies, a technological advancements platform in the medical field.

21. Pixalink, acloud-based customer acquisition system for SMEs.

22. Toolbox2u, a one-stop industrial supplies procurement and management service platform.

23. Wander Wild, a one-stop digital platform for experiential travel in Southeast Asia.

24. AI Love Code, a web-based AI tool aimed to help web developers build websites faster by converting simple text to code.

25. EZDisposal, a platform bridging the gap between customers seeking hassle-free disposal for bulky items and dedicated Driver-Partners ready to assist.

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